Govt’s lack of regulation results in hike of medicine prices by 200%

ISLAMABAD: The caretakers and the incumbent government’s decision to authorise pharmaceutical companies for the price control of life-saving drugs has affected patients.

As per details, more than 80,000 medicines became more expensive by more than 200 percent, and up to 70 percent tax was imposed on medical devices.

The pharmaceutical companies shifted the entire burden of taxes to the public.

Although, the deregulation has ended the shortage of insulin and medicines for TB, cancer, and heart diseases, but, the prices skyrocketed.

On February 18, 2024, the caretaker Kakar government abolished the control over medicine prices.

Pakistan is a pharma market worth Rs960 billion and the additional burden of new taxes was borne by the public.

During 2024, antibiotics, painkillers, and diabetes medicines became expensive by 100 to 200 percent.

The Chairman PCDA said that the prices of medicines are continuously increasing due to the lack of government deregulating over prices.

The citizens alleged that the prices are being revised every week and month. They expressed distress over the increase in medicines for diabetes, blood pressure, heart disease, mental health, fever, and antibiotics.