gibreel ferishta
Medicines sold at government-set prices have become cheaper by nearly 3% after the country’s drug price regulator ordered a price cut
in the wake of the recent cut in excise duties.
The government last weekend announced a 4% cut in excise duties as part of a fiscal stimulus package to boost the economy. Various industries, most notably the automobile industry, have announced price cuts as companies look to pass on the benefits of the duty cut to consumers to boost demand.
The drug price regulator — the National Pharmaceutical Pricing Authority (NPPA) — notified the 2.84% price cut on Thursday and its decision is effective immediately. The price cut will cover about 17% of the Rs 45,000-crore domestic pharmaceutical market. The market segment affected by the price cuts has revenues of Rs 7,800 crore, industry officials say.
pharma drugs price-control medicines excise NPPA
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