The prices of pharmaceuticals supplied to the Health Ministry by local manufacturers under buy back agreements are expected to rise by 12.5 percent from next month following discussions between authorities and producers.
Local pharmaceutical manufacturers, including the State Pharmaceutical Manufacturing Corporation, currently fulfill nearly 30 percent of the ministry’s overall medicine requirement.
According to an official, manufacturers had initially requested a 15 percent price increase, pointing to higher production costs linked to imported ingredients. The increase in costs was attributed to market pressures associated with the ongoing crisis in the Middle East.
However, authorities indicated that the requested adjustment would not be fully accepted.
“We cannot agree for a 15 percent increase. We can settle for 12.5 percent,” the official said.
The revised pricing arrangement is expected to take effect from next month under the existing supply agreements.
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