Business News Desk, Big news related to the pharma sector is coming out in the country. Indian pharma sector drug companies are now planning to increase the prices of medicines. If this happens then the people of the country will bear the brunt of inflation. The prices of raw materials used to make medicines have increased a lot. After which India’s pharma industry can increase the money on these medicines than before. Know what is the new update…
more than 100 percent increase
According to TOI, Active Pharmaceutical Ingredients (APIs) say that the medical bills of drug consumers in the country are going to increase. Presently the Indian Pharma industry is facing high raw material prices. The pharma industry has to bear more than 100 per cent of the cost of procuring raw materials required for essential drugs in the country. Although before this corona epidemic these prices used to be less.
India is dependent on China for medicines
There has been a huge jump in the use of antibiotics in the country. Rising raw material prices, despite improvements in supply chain and logistics, have added to the woes of the pharma industry. The prices of key antibiotics including azithromycin and amoxicillin imported from China have gone up. According to the report, these are also such products where India is completely dependent on China. In contrast, most medicines containing vitamins, including vitamins B and D, are imported from China.
Increased prices of these medicines
Antibiotic meropenem, a paracetamol drug used for fever and pain, was used extensively in the corona pandemic. Also, API prices of some drugs such as anti-diabetic metformin are witnessing an increase of over 200 per cent. India’s pharma has once again come into limelight in the market. API prices have increased due to the lockdown in China for the last 2-3 years.