The Drug Regulatory Authority Pakistan (DRAP) has reduced the maximum retail prices (MRP) of 89 generic medicines of different companies by 15 percent. A notification was issued on June 19 in this regard.
The notification reminded pharmaceutical companies that they are bound to reduce prices of their drugs by 15% from the approved MRPs of originator brands, based on Drugs Pricing Policy 2015.
“The policy clearly says that any generic drug shall be at least 15 percent less than the MRP of originator brand,” the notice read, adding that as per policy, the medicine prices cannot reach or exceed the costs of an originator drug.
The regulator directed the companies to strictly comply with the policy and reduce the medicine prices with immediate effect.
It added that the pharmaceuticals already selling generic medicines at a lower rate cannot increase their prices.
DRAP warned the drug companies to revise the prices of their generic drugs or get ready to face legal action.
Non-compliance to the directions under the pricing policy is overcharging, and legal action will be taken as per the DRAP Act, 2012.
Via: Daily Times