India to cut 354 generic prices Nov 2

India's Chemicals and Fertilizers Minister, Ram Vilas Paswan has announced that pharmaceutical companies will "drastically reduce" the prices of 354 generic drugs from November 2. Mr Paswan gave no further details, reports the Marketletter's correspondent.

The low-cost generic drugs, carrying the price, manufacturing and expiry dates in Hindi and English, will be available in medical stores from that date, he said. The Minister said the pharmaceutical companies have also agreed to do away with local taxes on drug sales, making them even less expensive for consumers.

As well as ensuring drug price cuts, the Ministry, which oversees the pharmaceutical industry, has also decided to set up a countrywide drug bank from January 1 next year that would provide medicines free of cost to people living below the poverty line (Marketletter October 2). Mr Paswan did not elaborate.