By Staff Reporter
KARACHI: Production of paracetamol products had resumed in the country after an agreement on new prices was reached between the government and pharmaceutical industry, the finance ministry said on Wednesday.
Finance minister Ishaq Dar held a meeting with heads of major pharmaceutical companies to discuss the retail price of paracetamol products and “and discussed modalities for smooth supply and availability of paracetamol products in the markets at an affordable rate”.
“It was informed that rising import prices of pharmaceutical raw materials and increasing production costs are increasing the shortage of essential medicines in the market,” the ministry said in a statement. “The pharmaceutical heads demanded a high increase in the prices of Paracetamol products to overcome the shortage.”
“The pharma industry agreed upon the reduced prices of paracetamol 500mg tablet at Rs2.35, paracetamol extra 500 mg at Rs2.75 and Syrup at Rs117.6,” it added. “Production of paracetamol products has started.”
GSK Plc’s Pakistan unit stopped manufacturing the widely used painkiller Panadol amid an increase in paracetamol raw material prices.
It said GlaxoSmithKline Consumer Healthcare Pakistan Ltd. Declared a force majeure on negative margins in painkiller manufacturing. Many other brands in the pain relief category also shut down production.
The company early this week said “it is open to resuming supplies after the government approves price increases to cover the impact of raw materials.”
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