On recommendation of Drug Regulatory Authority of Pakistan, Economic Coordination Committee (ECC) of Federal Cabinet increased the drug prices up to 20% to meet the demands of drug importers.
The decision of increase in drug prices was made in a meeting of Economic Coordination Committee. The demand from DRAP was due from months, they were asking for 39pc rise otherwise industry could collapse.
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The Finance Minister said that medicine prices could be reviewed again after three months but no increase under this category would be granted in the next financial year.
The Pakistan Pharmaceutical Manufacturing Association criticized this increase which they are complaining that much lower than expectations.
The Pharmaceutical industry and health ministry also warned the shortage crises of medicines, forcing patients to rely on smuggled and potentially dangerous drugs even at high rates.
Food Inflation up to 47pc
Food prices also increased in Pakistan causing inflation up to 47pc, even the wealthier class is feeling this rise challenging to deal with. Inflation recorded in March was 35pc to secure the bailout package from International Monetary Fund (IMF).
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Pakistan is currently facing serious crises in terms of economy in current fiscal year due to many reasons. Increase in imports taxes and inflation in country is forcing people to take illegal steps for their survival.