Drastic cut in drug prices from Oct 2

New Delhi, Sept 29 | Updated: Sep 30 2006, 05:30am hrs
The pharma industry has agreed to reduce prices of 1,000 brands upto 92% applicable from October 2, even before the committee constituted by the chemicals ministry to evolve consensus in drug pricing finalised its report.

The 14-member committee was supposed to submit the report on September 30. This would be implemented on the batches (of drugs) manufatured after October 2 and the companies are given one month transition period to abide by it, a ministry official told FE. As per the move prices of drugs listed in the booklet would come down upto 92%.

Anti-biotic ciprofloxacin, earlier priced at Rs 85 per 15 capsules, would now be sold at Rs 6.90, while painkiller Nimesulide, earlier priced Rs 40.50 per 10 tablets, would now come at Rs 10 only.

On an average, the drug prices of these 1,000 branded and generic generics would come down to about 40%.