Prices of Essential Cancer, Diabetes Drugs to Rise by 1.7%: Sources

New Delhi: Government-controlled medicines, including those for cancer, diabetes, heart diseases, and antibiotics, are set to become 1.7% costlier, government sources told Business Today.

According to Rajiv Singhal, General Secretary of the All India Organisation of Chemists and Druggists (AIOCD), this price adjustment will provide relief to the pharmaceutical industry, which has been facing rising raw material and production costs. However, he noted that it could take two to three months for the new prices to reflect in the market due to existing stock.

A recent Parliamentary Standing Committee on Chemicals and Fertilisers study revealed that pharma companies have repeatedly breached price regulations, exceeding allowable price hikes. The National Pharmaceutical Pricing Authority (NPPA) has detected 307 instances of violations and continues to regulate medicine prices under the Drug (Prices Control) Order (DPCO), 2013.

Earlier this month, the Ministry of Chemicals and Fertilisers reported that price ceilings on medicines in the National List of Essential Medicines (NLEM) 2022 have helped patients save approximately ₹3,788 crore annually.