In a significant development, medicine prices in Pakistan have surged by 20% to 200%, causing widespread concern among the public. This increase is attributed to several factors, including inflation, currency devaluation, and government policies.
The Economic Coordination Committee (ECC) of Pakistan approved a one-time increase in the retail prices of medicines to ensure their continuous availability in the market. Essential drugs saw a maximum price hike of 14%, while other medicines experienced an increase of up to 20%. This decision was made to address the challenges faced by the pharmaceutical industry, which has been grappling with rising costs of raw materials and production.
However, the situation took a turn for the worse when the government decided to deregulate the prices of life-saving drugs. This move allowed pharmaceutical companies to set their own prices, leading to a dramatic increase in the cost of medicines. Over 80,000 medicines became more expensive by over 200%, and a 70% tax was imposed on medical devices. The deregulation aimed to end the shortage of essential medicines like insulin and those for TB, cancer, and heart diseases, but it also resulted in skyrocketing prices.
The Pakistan Pharmaceutical Manufacturing Association (PPMA) and other industry stakeholders have expressed concerns over the price hikes, stating that the increases are still insufficient to cover the rising costs. They have been lobbying for a more substantial increase to prevent the collapse of the industry.
The public has been significantly affected by these price hikes, with many expressing distresses over the increased costs of medicines for diabetes, blood pressure, heart disease, mental health, fever, and antibiotics. The lack of government regulation and the burden of new taxes have further exacerbated the situation, making it difficult for patients to afford essential medications.
