The National Pharmaceutical Pricing Agency (NPPA) has issued a notification on permitting a hike in drug prices based on the Wholesale Price Index (WPI). This Office Memorandum was issued on March 27, 2024.
Therefore, pharmaceutical companies can now raise the Maximum Retail Price (MRP) of scheduled drugs. This increase is by a very small margin based on a slight increase in the Wholesale Price Index (WPI) for 2023 as compared to 2022.
The WPI for 2023 grew by only 0.00551% over 2022. This allows drug manufacturers to adjust prices under the Drugs Price Control Order (DPCO) 2013, without requiring government approval.
The memorandum also emphasizes adherence to the DPCO regulations.
