India’s medicine price regulator National Pharmaceutical Pricing Authority (NPPA) has asked all drug companies to reduce the prices of all medicines by 2.4 per cent to pass on the benefits of the recent excise duty cut to the consumer.
On December 7, the government had announced an across the board cut of 4 per cent on excise duties. The tax on medicine, which was earlier 8 per cent, had thus come down to 4 per cent.
In a press note, NPPA has asked the companies to comply with the reduction in excise duty and furnished a revised price list to the authority.