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Pharmaceutical prices: Another price hike in the offing?

18 Sep 2022

  • Prices increased twice this year
Negotiations are ongoing between the Health Ministry and the Treasury to implement yet another pharmaceutical price hike considering the dollar rate fluctuations, The Sunday Morning learns.  The price hike, which is under discussion, will be a price ceiling increase, in contrast to the staggering increase enacted previously, it is learnt.  The price hike had been requested by pharmaceutical companies given the recent rupee depreciation and the Ministry is considering the matter to avoid a shortage of drugs. Pharmaceutical prices were revised twice this year to meet the gap caused by the drastic rupee devaluation last year. Health Ministry Medical Technology Services Director Dr. Anver Hamdani told The Sunday Morning that there had been a request from pharmaceutical companies to increase prices in line with current dollar rates. “The hike is being negotiated with the Treasury and there is no final decision yet. The rate will only be increased up to Rs. 350 per dollar and not beyond that,” he added. The Ministry also expects to resolve the ongoing shortages by the end of the week, having expedited the process of importing the required medicines. However, the Ministry is yet to receive the allocated $ 100 million.  “It will take some time and the Ministry is negotiating with different entities. Some orders are being dispatched, while some are being procured. We can’t give an exact date as to when the shortage will be overcome. Hopefully the issues will be sorted this week,” Dr. Hamdani added. – By Maheesha Mudugamuwa


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