Pharma Industry may collapse

PM Khan orders reversal of medicine prices

Lahore: After public outcry, Prime Minister Imran Khan has ordered investigation and immediate reversal of medicine prices all over Pakistan. This is a big set-back to the pharma industry which managed to get this price increase after a prolonged price freeze.

According to news, Imran Khan has ordered representatives to bring down medicine prices to their original prices within 72 hours. Chief Minister Punjab, Usman Buzdar has been asked to look into the matters and ensure price reduction within the given time frame.

This is a decision which will go against the pharma industry and in all probability many drugs will vanish from the market. The Drug Regulatory Authority of Pakistan (DRAP) approved 15% hike in medicine rates across Pakistan on Friday.

The price hike impacted the price of about 24,000 medicines, including life-savings drugs such as medicines for heart ailments, cancer, children’s diseases, brain diseases, cancer and also post surgical medicines.

With the unprecedented inflation the healthcare costs have skyrocketed with hospital charges, consultation fees and diagnostic prices registering a substantial fees. Talking to Medical News a senior PPMA member and owner of pharma company asked why is it only the pharma industry which bears the brunt even though it pays huge taxes, creates millions of jobs and asks for no subsidy.