If you or your family members rely on regular medications, brace yourself for a price hike! The National Pharmaceutical Pricing Authority (NPPA) has approved a 1.74% increase in the cost of 906 essential medicines, effective April 1. This includes 80 newly added drugs, covering treatments for diabetes, fever, allergies, and more.
Though this rise is lower compared to last year’s 12% and 10% in 2022, it will still impact household budgets, particularly for those already facing medical expenses.
Why Are Medicine Prices Rising?
The surge is primarily due to higher raw material costs. Pharmaceutical firms have long pushed for a price revision, citing increasing production expenses.
Linked to Wholesale Price Index (WPI)
NPPA determines price adjustments annually based on inflation trends reflected in the Wholesale Price Index (WPI). This year’s revision aligns with the ongoing economic shifts and cost pressures.
Strict Rules Against Overpricing
Manufacturers must adhere to the Maximum Retail Price (MRP) set by NPPA. Any violation will lead to penalties with interest under the Drugs Prices Control Order (DPCO) 2013. Additionally, retailers must display updated price lists to prevent overcharging and black marketing.
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