Reports claiming significant rise in medicine prices are misleading: Ministry of Health
Apr 03, 2024
New Delhi [India], April 3 : The Government has debunked media reports that medicine prices will witness a significant hike by up to 12 percent from April 2024, the Ministry of Health and Family Welfare clarified that these reports of price hikes are fake and misleading.
Earlier some media reports had claimed that from April prices of more than 500 medicines would be increased.
Through an official statement, ministry of health, termed these reports as fake, misleading and malicious. A statement from the ministry said that "National Pharmaceutical Pricing Authority (NPPA) under the Department of Pharmaceuticals annually revises the ceiling prices of scheduled medicines based on Wholesale Price Index (WPI) and this increase is nominal".
The statement further clarified that during the calendar year 2023, the annual change in WPI (Wholesale Price Index) was nominal (+) 0.00551 percent so the authority in its meeting held on 20th March has approved the nominal increase of 0.00551 percent in the prices for the scheduled medicines.
This negligible WPI increase translates into minimal changes in medicine prices. Specifically, out of 923 medicines under price regulation, 782 will witness no alteration in ceiling prices, maintaining the status quo until March 31, 2025. Moreover, for 54 medicines with ceiling prices ranging from Rs. 90 to Rs. 261, the increase amounts to a mere Rs. 0.01 says the statement.
The National Pharmaceutical Pricing Authority also ensures that the manufacturers increase the prices of medicines in line with the ceiling price established by the authority. While the manufacturers have the liberty to avail or forgo the minuscule price adjustment set by the authority.
The statement by the Ministry clarified that the NPPA's measures to regulate medicine prices ensure that citizens can continue to access essential medications without experiencing any significant financial burden. The Government also urges the public to rely on credible sources for accurate information regarding medicine.
