Medicine Price in India: Union Chemicals and Fertilizers Minister Mansukh Mandaviya said that when inflation rises, it leads to increase in prices and when it comes down, prices go down.
Union Chemicals and Fertilizer Minister Mansukh Mandaviya clearly said on Thursday that there will be no increase in the prices of essential medicines in this financial year 2024-25. The Union Minister of Chemicals and Fertilizers assured that this is Modi ji’s guarantee. According to Bhasha news, when asked about the speculation about increasing the rates of essential medicines, he said that this is absolutely wrong. There will be no increase in the prices of medicines.
NPPA revises maximum prices
According to the news, the minister said that the National Pharmaceutical Pricing Authority (NPPA) annually revises the maximum prices of scheduled medicines on the basis of Wholesale Price Index (WPI). NPPA works under the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers, Government of India. Mandaviya said that NPPA monitors and decides the prices of essential medicines on the basis of WPI.
The minister said that when inflation rises, it leads to increase in prices and when it comes down, prices go down. Mandaviya said that inflation has not increased this year. It is just 0.005. Therefore companies will not increase prices this year. This is Modi ji’s guarantee.
Medicines are categorized
As per the provisions of the Drug Price Control Order (DPCO) 2013, drugs are categorized as scheduled and non-scheduled formulations. The formulations listed in Schedule-I of DPCO 2013 are scheduled formulations also known as essential medicines. The minister said that in case of non-scheduled formulations, a manufacturer is free to decide the price. Prices of essential medicines will not increase in this financial year. It is noteworthy that the Indian pharmaceutical industry has, in the last 30 years, become a leader in manufacturing high quality generic medicines at competitive prices.
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