Guwahati: Indian consumers are set to face higher prices for essential medicines next month, as the government has allowed drug companies to hike prices in line with the change in the annual Wholesale Price Index (WPI).
The National Pharmaceutical Pricing Authority (NPPA) has revealed that prices of 384 scheduled drugs, which correspond to nearly 900 formulations across 27 therapies, are expected to increase by more than 12%.
This is the second year since 2020 that the price hikes for essential medicines are higher than the limit of 10% allowed for non-scheduled drugs.
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In 2021, the prices of non-scheduled drugs also increased by more than 10%. The industry has been struggling with rising manufacturing costs due to a variety of factors, such as higher prices of raw materials like active pharmaceutical ingredients, increased freight costs, and a surge in plastics and packaging material costs during the pandemic.
An industry expert said that the industry will be relieved once the new prices are notified.
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The NPPA is expected to notify the ceiling prices of the scheduled formulations in the coming days.
Consumers in India will have to pay more for painkillers, anti-infectives, cardiac drugs, and antibiotics, starting in April.