384 essential medicines to cost more from April; See list
In the midst of rising inflation in India, medicine prices are expected to increase by 12% beginning April 1. Reportedly, the prices of 384 essential drugs and over 1,000 formulations are set to rise due to a significant increase in the Wholesale Price Index (WPI). Meanwhile, officials from the Union Health Ministry justified the move, saying it will prevent the shortage of medicines.
Why does this story matter?
For the second year in a row, essential medicine prices have gone up by more than 10%. Last year, the prices increased by approximately 11%. The fresh rise means an extra burden on patients as commonly used drugs will get expensive. The decision reportedly came after National Pharmaceutical Pricing Authority (NPPA) officials stated that the WPI stood at 12.12% between January 2022-23.
Wholesale Price Index saw 10.7% increase last year: NPPA
The price rise in medicine will take effect on April 1 and will most likely be announced soon, said Health Ministry officials, per Money Control. According to reports, NPPA announced an increase of 10.7% in the WPI last year. The economic adviser in the Ministry of Commerce and Industry also corroborated the figures. However, the figures are yet to be formally announced.
Which drugs get costlier?
Some of the most frequently used medications in the country were included on the necessary drug list, which was updated in September 2022. Fever, diabetes, infection, cardiovascular disease, blood problems, tuberculosis, hypertension, skin illnesses, cancer, and malnutrition are all treated with these medications. It includes paracetamol and antibiotics like Azithromycin, and anti-anemia medications like folic acid, vitamins, and minerals.
Price-hike likely to relieve drug industry, burden consumers
The drug industry is likely to be relieved by the NPPA's ruling, which will cost customers money. Many pharmacists saw the impact of rising medication costs on their clients and advocated for generics. "The increase in prices will hit people who buy medicines worth Rs 5,000-10,000 every month," Mahendra Singh Gurjar, a chemist from Jaipur told India Today.
Union Health Ministry justifies the move
Meanwhile, a senior Health Ministry official claimed that the price hike would ensure that there is no shortage of medicines in the market. "Manufacturers will not sell at a loss and we must ensure a steady supply of essential medicines in the country. Additionally, the prices are allowed to rise in a controlled manner," The Hindu quoted the official as saying.
