Indian drug prices to fall, says Minister

The prices of many commonly used drugs in India are set to fall anything from 0.2% to 70.3% from October, the country's Chemicals and Fertilizers Minister, Ram Vialas Paswan, told reporters. The cost of anti-AIDS drugs are also likely to fall with two state-owned companies preparing them, he said.

Meanwhile, four private Indian companies - Ranbaxy Laboratories, Torrent Pharmaceuticals, Unichem Laboratories and Alembic - have already submitted a list of 216 formulation packs to the government on which they will effect a 2% to 70% cut in retail prices by slashing trade margins from October 2, industry sources said.

A committee, headed by India's Chemicals and Petrochemicals Secretary, was set up to work out the modalities of price control. A close watch would be kept on drug prices and a notification issued, if needed, later. Drug banks would be set up at the district level from January 26 next year to provide free medicines to below poverty line (BPL) families.