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GoM For Price Control Of 348 Essential Drugs

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A panel of ministers has recommended price regulation for 348 "essential drugs", up from 74 earlier, a minister said, a move that is likely to hit prices of costly brands sold by domestic as well as multi-national drugmakers.

The panel has finalised the proposal and it will be forwarded to the cabinet within a week, telecommunications minister Kapil Sibal told reporters on September 27.

According to the initial draft, medicines worth Rs 29,000 crore, excluding the retailers' cut, would come under price control. India is the world's fourth largest drug market by volume and 14th largest by value.

(Reuters)