The government has refuted claims made in some media reports that medicine prices in India will see a significant increase of up to 12 per cent starting from April 2024. The Ministry of Health and Family Welfare has labeled these reports as false, misleading, and malicious.
According to the ministry, the National Pharmaceutical Pricing Authority (NPPA) revises the ceiling prices of scheduled medicines annually based on the Wholesale Price Index (WPI). The scheduled medicines listed in Schedule-I of the Drug Price Control Orders (DPCO) 2013 are considered essential.
The recent data shows that there has been a minimal increase in the WPI, with a change of (+) 0.00551 per cent during the calendar year 2023 compared to the previous year. As a result, the ceiling prices of 923 medicines will remain unchanged, while 54 medicines will see a negligible increase ranging from Rs 90 to Rs 261.
Manufacturers have the option to adjust the Maximum Retail Price (MRP) of their medicines based on the ceiling price set by the government. The WPI increase serves as the maximum permissible hike under the DPCO, and companies may choose whether or not to implement this increase based on market dynamics.
Overall, the ministry assures that there will be almost no change in the ceiling prices of medicines for the fiscal year 2024-25. The government emphasizes that the reports of a significant price hike in medicines are unfounded and urges the public not to be misled by such misinformation.