Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

NPPA demands Rs 130 cr from drug makers for overcharging: Jena

Nov 22 2012, 15:31 IST
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SummaryThe National Pharmaceutical Pricing Authority (NPPA) has raised a fresh demand of nearly Rs 130 crore from various drug makers.

The National Pharmaceutical Pricing Authority (NPPA) has raised a fresh demand of nearly Rs 130 crore from various drug makers, including Claris Life Sciences, for overcharging during the current year till October 2012, Parliament was informed today.

In a written reply to the Lok Sabha, Minister of State for Chemicals and Fertilisers Srikant Kumar Jena said "a number of drug companies have been found to be selling some of their medicines to the consumers at a price higher than the ceiling price notified by NPPA".

"During the year 2012, (upto October 2012), NPPA has raised fresh demand for overcharging amounting to Rs 129.71 crore," Jena added.

The companies, which have been issued fresh notices by the NPPA, include Intas Pharmaceuticals, Ind-swift Ltd, Aventis Pharma and IPCA Lab, the minister said.

In reply to another question, Jena said since inception NPPA has issued demand notices in 885 cases involving an amount of Rs 2,577.28 crore for selling medicines at a price higher than the prices fixed under DPCO, 1995.

"Out of which, Rs 232.52 crore has been realised till October 31, 2012 leaving a balance of Rs 2,344.76 crore to be realised," Jena said.

He added that that primary reason for non-realisation of the major portion of the overcharged amount is that the demands have been contested by various companies in different courts of law, including the Supreme Court.

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