ECC approves hiking prices of 49 medicines

Govt claims prices of these 49 medicines were 24%-77% less compared to regional countries

By
Our Correspondent
Illustration photo shows various medicine pills in their original packaging in Brussels, Belgium August 9, 2019. — Reuters
Illustration photo shows various medicine pills in their original packaging in Brussels, Belgium August 9, 2019. — Reuters

  • FinMin Ishaq Dar chairs meeting of EEC of federal cabinet.
  • Prices were 24%-77% less compared to regional countries.
  • Supplementary grant of Rs402bn approved for debt servicing.


ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet on Monday approved increasing the prices of 49 medicines under Minimum Retail Price (MRP).

However, the government claimed that the prices of these 49 medicines were 24% to 77% less compared to other regional countries, including India, Bangladesh, Nepal, and Sri Lanka.

The medicines included Taflotan Ophthalmic Solution 0.0015% w/v OBS Pakistan, MultiBic 2 mmo1/1 potassium solution for haemodialysis/ haemofiltration by M/s Fresenius Medical Care Pakistan (Private) Ltd, MultiBic 4 mmo1/1 potassium solution for haemodialysis/ haemofiltration, MultiBic 3 mmo1/1 potassium solution for haemodialysis/hemofiltration and others.

The ECC also approved a supplementary grant of Rs402.251 billion for debt servicing on Chinese and Saudi loans mainly because of fluctuations in the exchange rate.

The exchange rate was envisaged at Rs186 against the US dollar but the depreciation in the exchange rate increased to an average of Rs235 against the US dollar.

According to the official announcement made by the Ministry of Finance after the meeting, Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the ECC.

The ECC accorded approval for the issuance of a GoP guarantee amounting to Rs9.5 billion for the project construction of the Hyderabad-Sukkur motorway on a build-operate-transfer basis.

It also approved Rs12 billion for the procurement of relief items to restock/replenish its reserves in order to be better prepared to respond to any impending disaster.

The ECC also approved a summary of the Ministry of Interior for the release of funds worth Rs66.336 million as TSG for the construction of Frontier Constabulary Training Center, Michni, Khyber Pakhtunkhwa.

The ECC also approved supplementary and technical supplementary grants for 16 other projects.