Prices of folic acid, multivitamins likely to rise

The prices of supplement medicines like folic acid or multivitamins are seen rising significantly, as costly imports are forcing the domestic manufacturers to the wall

Zee Media Bureau

New Delhi: Prices of common medicines like Folic acid or multivitamins is likely to rise sharply, as a result of sharp rise in the import prices of the active pharmaceutical agent(API)used for manufacturing these drugs.

The prices of API, the core ingredient in manufacturing drugs, imported mostly from China, have increased between 10 percent to 100 percent, which means that the prices of the drugs may also be increased in the same proportion.

The depreciation of rupees against the dollar, and Chinese monopoly in the API market is pushing domestic drug manufacturer to the wall.

According to a Hindustan Times report, the high cost of importing API has put National Pharmaceuticals Pricing Authority (NPPA) under pressure to allow domestic  manufacturers to revise prices, and recover costs.

The drug makers are not free to perk up prices beyond a permitted ceiling price, and the prise increase, in most cases is not more 10 percent.

According to the report, price of folic acid, which is used to treat anaemia, has gone up from Rs 4,000 per kg to Rs 42,000 per kg in the last one year, an increase of 1,000%.

The drug price watchdog NPPA is now mulling to allow the drug makers to revise prices, exceeding the fixed price ceilings.