Cap on essential drug prices helped consumers save Rs 5000 crore: government - (Business Line via NewsPoints Desk)

  • India's minister for chemicals and fertilisers said price caps on essential drugs have reduced consumer spending by more than Rs 5000 crore, Business Line reported Tuesday.

  • The savings were generated even though the country's National Pharmaceutical Pricing Authority (NPPA) has alleged that drugmakers have overcharged for essential drugs by Rs more than Rs 4950 crore.

  • The essential medicines list for 2015 included 377 therapies.

  • Meanwhile, the NITI Aayog has proposed drastic changes to the drug pricing policy and recommended dissolution of the NPPA.

  • While the NITI Aayog has called for greater freedom for companies to set prices, opponents have argued that such a move could result in higher drug prices.

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