Prices Of Essential Medicines To Rise Slightly From April 1

New Delhi: A slight hike in the price of essential medicines, such as painkillers, antibiotics, and anti-infectives, is set to take place on April 1st, in line with the change observed in the Wholesale Price Index (WPI) between 2022 and 2023.

Through a recent notification, the National Pharmaceutical Pricing Authority (NPPA) has declared to permit the pharmaceutical sector to increase the Maximum Retail Price (MRP) of scheduled formulations by approximately 0.00551% at the start of the fiscal year 2024-25, considering the change observed in the Wholesale Price Index (WPI) between 2022 and 2023.

As a consequence, beginning on April 1, there may be a slight spike in the cost of essential medicines such as painkillers, antibiotics, and others.

The notice stated,

'Based on the Wholesale Price Index (WPI) data provided by the office of the Economic Advisor, Department of Industry and Internal Trade Ministry of Commerce and Industry, the annual change in WPI works out as (+) 0.00551% during the calendar year 2023 over the corresponding period in 2022."

In continuation, it is worth notifying that in accordance with Paragraph 16(2) of the Drug Price Control Order (DPCO) 2013, the manufacturers may increase the maximum retail price (MRP) of scheduled formulations once a year, in the month of April, on the basis of the wholesale price index with respect to previous calendar year and no prior approval of the Government in this regard shall be required.

Therefore in light of the above, the notice further added,

"As per provisions of Paragraph 16(2) of Drug Price Control order (DPCO) 2013, the manufacturers may increase the Maximum Retail Price (MRP) of scheduled formulations on the basis of this WPI and no prior approval of the government in this regard shall be required."

The previous year, the Medical Dialogues Team reported that based on the Wholesale Price Index (WPI) data provided by the Office of the Economic Advisor, Department of Industry and Internal Trade, Ministry of Commerce and Industry, the annual change in the WPI worked out as 12.1218% during the calendar year 2022 over the corresponding period in 2021.