Pharmaceutical manufacturers and regulators in Pakistan have decided not to increase medicine prices across the board, instead opting to discuss increases on a molecule-to-molecule basis.
Talks have been ongoing between the Pakistan Pharmaceutical Manufacturers Association (PPMA) and the Drug Regulatory Authority of Pakistan (DRAP) to negotiate the price hike.
However, despite the negotiations, no conclusion has been reached due to the delaying tactics adopted by the DRAP and the government. The PPMA has claimed that these tactics have resulted in suffering for the industry and people.
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The ongoing COVID-19 pandemic has caused an exponential increase in the prices of pharmaceutical ingredients including raw materials used in drug manufacturing in the international markets.
As a result, the Consumer Price Index (CPI) rose by 27.6% in January 2023 compared to the same period in 2022. According to sources, the persistent exchange rate fluctuations have created a situation where pharmaceutical companies cannot sustain their operations in Pakistan.
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This has been compounded with the imposition of duties and tariffs on imported raw material. Previously, 70 pharmaceutical companies wrote a letter urging the government to increase medicine prices in Pakistan due to the rising inflation and significant rupee depreciation.
However, the government rejected the demand, and as a result, pharmaceutical companies either halted their manufacturing or turned to limited-scale production of scores of essential and non-essential medicines.
The government spokesperson claimed that the government was fully aware of the situation and would make decisions bearing in mind the interests of the masses and the pharmaceutical industry.
The Pakistan Medical Association (PMA) acknowledged the problems that the pharmaceutical industry was facing. However, it was against the idea of inflating prices due to the ongoing economic conditions of the masses. The unavailability of medicines could inevitably trigger a national health emergency