India Raises Prices of 800 Drugs by Almost 11%

India Raises Prices of 800 Drugs by Almost 11%
Photo: Michał Parzuchowski / Unsplash 05.04.2022 279

India on Friday increased the prices of more than 800 drugs, including over-the-counter painkillers and antibiotics, by almost 11%. 

The National Pharmaceutical Pricing Authority (NPPA) of India had earlier announced a 10.7% hike in the Wholesale Price Index (WPI) for the calendar year 2021 over the corresponding period in 2020.

With this hike, the cost of about 800 scheduled medicines on the National List of Essential Medicines will increase by 10.7% since the beginning of the next financial year.

As per NPPA’s order, the increase applies to drugs used for hypertension, infections, heart disease and skin conditions. It will also affect insulin injections, multi-vitamin tablets, steroids used to treat COVID-19 and some contraceptives.

India’s pharmaceutical industry is the world's third-largest in terms of volume and is worth $42 billion.

According to The National, the Indian pharmaceutical industry has been struggling with the rising cost of inputs that come from China. These are raw materials, active pharma ingredients, and packaging materials. The pandemic has also driven up shipping and transportation costs.

Indian pharma industry gets about 70% of its bulk drug raw material  from China. Due to supply cuts, the industry is now facing cost pressures.

The rise in price of medicines has become a major cause of concern for traders. 

“Already, medicines are expensive and that too, 10% price hike in medicine from 1 April will directly impact consumers. We are wholesalers, and if we get the medicines at higher prices, retailers will ultimately sell the medicines at a high price. Chemists will not be able to give a discount to the customer on the purchase”,

said Delhi Drugs Trader Association secretary Ashish Grover.

Source: DNA India, The National

pharmaceutical markets  India 

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