Medicine price hike: Prices for essential medicines are expected to rise by 12%, the highest annual price increase in history. The government plans to raise the prices of over 1,000 essential medicine formulations and 384 drugs beginning April 1.
Prices for 384 drugs and over 1,000 formulations classified as essential medicines by the government are set to rise by more than 12% this year, thanks to a sharp rise in the Wholesale Price Index (WPI).
Pain relievers, antibiotics, anti-infectives, and cardiac medications are among the drugs whose prices will rise on April 1.
Every essential medicine price to go up by 12% starting from April 1, the highest hike ever: National Pharmaceutical Pricing Authority pic.twitter.com/F5CCT6BWWa
— Hillol J. Deka (@HillolDeka) March 28, 2023
The National Pharmaceutical Pricing Authority (NPPA) announced a 10.7% increase in the Wholesale Price Index last year (WPI).
The NPPA announces a change in the Wholesale Price Index (WPI) every year in accordance with the Drugs (Price Control) Order, 2013, or DPCO, 2013.
This applies to scheduled drugs, the prices of which are regulated by the NPPA. Non-scheduled drugs are not subject to price controls and may increase by 10% per year.
This is the second year in a row that scheduled drug price increases will be greater than non-scheduled drug price increases. The drugs, also known as scheduled drugs, are on the national list of essential medicines.
The WPI is used to calculate annual price increases for drugs on the National List of Essential Medicines (NLEM). These medicines, also known as essential drugs, are used in a variety of government health programmes in addition to being sold directly to retail consumers.
According to the National Pharmaceutical Pricing Authority, the WPI was 12.12 percent between January last year and January this year, citing the ministry of commerce and industry’s office of the economic adviser. This figure, however, has yet to be officially announced.