India's drug pricing regulator increases ceiling prices of 21 key medicines.
In a first, India’s drug pricing regulator, National Pharmaceutical Pricing Authority (NPPA) has allowed an increase in the maximum retail prices of 21 formulations or medicines currently under price control by as much as 50% in an attempt to ensure their supply and prevent patients opting for costlier alternatives in the face of shortage of these drugs.
The pharma industry in India has been lobbying for a price hike for nearly two years, citing a steep rise in prices of active pharmaceutical ingredients (APIs) or bulk drugs largely imported from China.
FYI: The prices of APIs have gone up 5-88%, depending on the products. API prices constitute 40-80% of the formulation cost. For some medicines like paracetamol, the API cost is around 80% of the finished product.
These formulations include common medicines like BCG vaccines, penicillin, malaria and leprosy medicines (Dapsone), life-saving drugs like Furosemide (used to treat fluid build-up due to heart failure, liver scarring, or kidney disease), vitamin C, some common antibiotics, and anti-allergy medicines. Indian Express
Tightening the Noose: In an unprecedented move, the National Financial Reporting Authority (NFRA) has asked the country’s top audit firms to submit details about the audit processes, the number of clients, details of fees, the non-audit work done for these clients and details of audit qualifications on financial accounts, perhaps in a bid to introduce stricter regulations on the conflict of interest issue and to ensure that auditors are truly independent while giving audit opinion.
NFRA has taken over all the powers from Institute of Chartered Accountants of India (ICAI) to regulate auditors. ET Politics and Nation
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.