9 drug firms to be fined Rs 2500 cr for overpricing: Report
Soon, many big names in the pharma industry will have to bite a bitter pill of Rs 2500 crore as penalty for drugs overpricing.
Zee Media Bureau
New Delhi: Soon, many big names in the pharma industry will have to bite a bitter pill of Rs 2500 crore as penalty for drugs overpricing.
According to reports, the National Pharmaceutical Pricing Authority (NPPA) has penalised nine companies including Ranbaxy, Dr Reddy’s Labs, Glenmark, Cipla and Cadila Health, for allegedly selling anti-asthma drug Doxofylline without prior price approval. The asthma drug was being sold between Rs 80-110 per strip.
The move comes in the wake of a recent Supreme Court order against the industry that brought the widely prescribed medicine under price control, reports said.
Meanwhile, the coming week will also see two cases come up, related to the recently revised Drug Price Control Order, 2013.
The National Pharmaceutical Pricing Authority (NPPA) requires drug companies to sell their products with revised prices, after 45 days from when the new prices were notified by the Government.