Financial Daily from THE HINDU group of publications
Monday, Aug 02, 2004
Financial Daily from THE HINDU group of publications Monday, Aug 02, 2004 |
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Industry & Economy
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Pharmaceuticals 300 essential drugs may come under price control Our Bureau
Chennai , Aug 1 THE Centre plans to regulate retail prices of 300 essential drugs, according to the Union Minister for Chemicals, Fertilisers and Steel, Mr Ram Vilas Paswan. Addressing a press conference here on Sunday, Mr Paswan said that his Ministry was taking steps to ensure that the retail price of essential drugs was not more than double the cost of production. In collaboration with the Health Ministry, which has given him the list of drugs in the category, and the Finance Ministry, which he has approached for details of taxes, he was working out a system to regulate prices, he said. He was also meeting with the State Finance Ministers and Health Ministers on August 18 to discuss the sales tax. Drug companies state in the price list `local taxes extra' resulting in wide variation in prices in different areas. There is need for transparency here, he said. In an informal chat with reporters after the press conference, he ruled out any discussions with drug manufacturers on this issue. "Do farmers have a say in fixing market prices?" he asked. The manufacturers will not have any cause for complaint because the proposed limit was twice that of cost of production. At present over 74 drugs are under the purview of drug control order, and even if the prices of 300 more are controlled, there are more than 3,000 drugs in the open market, he said. The Government was not for controls, "but it cannot let the poor be exploited," Mr Paswan said.
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