The federal government is set to formally increase the price of Paracetamol. The tablet’s manufacturers have sought a hike in prices due to a steep rise in the manufacturing cost.
According to details, the agenda will be tabled during the meeting of the Economic Coordination Committee (ECC) of the federal cabinet today with Finance Minister, Ishaq Dar, in the chair.
The ECC was originally scheduled to meet on Tuesday. Since the Minister was busy in meeting with the International Monetary Fund’s (IMF) delegation visiting Pakistan for the ninth review of its loan program, the ECC meeting was postponed.
Under Section 12 of the Drugs Act 1976 and Section 7 of the Drug Regulatory Authority of Pakistan (DRAP) Act 2012, the federal government is authorized to set drug prices.
Moreover, the guidelines for setting drug prices have been laid down in the Drug Pricing Policy 2018 which was amended in July 2020. DRAP’s Drug Pricing Committee (DPC) recommends drug prices to the federal government.
Last year in January and September, the DPC had recommended the ECC to increase the prices of six drugs, including Paracetamol.