PM forms body to mull over pharma industry's price hike demand

A committee has been established by the prime minister to investigate the pharmaceutical industry's demand for a price increase on prescription drugs.

According to official sources, pharmaceutical companies are asking for a 40% price increase for medications.

A notification has been issued to this effect, and Prime Minister Shehbaz Sharif has formed a committee under the direction of Finance Minister Ishaq Dar to look into the demand of the pharmaceutical business.

The group will include Abdul Qadir Patel, the federal health minister, Ayaz Sadiq, and other prominent government figures.

The notification stated that the committee would investigate the industry's request for a price increase and make a decision. According to the announcement, "The committee will also evaluate the Drug Pricing Policy 2018."

In June of this year, the Pakistan Pharmaceutical Manufacturers Association (PPMA) demanded that the government raise drug costs by 25%.

The PPMA had given the government until June 30 to announce the price increase or face a shortage of medications throughout the nation.

The pharma business has entered a state of quantity, according to the president of the PPMA. He stated that the cost of producing medicines has increased significantly.