ECC defers proposal seeking hike in retail price of 262 drugs

By Shahzad Paracha

ISLAMABAD: The Economic Coordination Committee (ECC) has deferred a proposal seeking an increase in the maximum retail prices (MRPs) of 262 drugs.

The ECC meeting, chaired by Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr Shamshad Akhtar, convened on Wednesday to deliberate on the matter.

The ECC’s discussions centered around a summary presented by the Ministry of National Health Services, Regulations, & Coordination, specifically addressing the “Approval of Increase in Maximum Retail Prices (MRPs) of 262 drugs under hardship Category as recommended by DPC in its 56th and 57th Meetings.”

After a comprehensive review and careful consideration, the ECC directed the Ministry of National Health Services, Regulations & Coordination to present well-informed recommendations by the upcoming Tuesday entailing a thorough and judicious analysis of the pricing mechanism.

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The ECC emphasized the importance of engaging with provincial health departments to finalize recommendations in a rational, balanced, and rule-based manner, taking into account industry concerns and safeguarding the interests of consumers grappling with inflationary pressures.

Additionally, the ECC addressed a summary from the Ministry of Industries and Production, focusing on the import of 200 KMT urea fertilizer for the Rabi season.

The committee advocated for exploring the option of importing fertilizer through a government-to-government arrangement as a primary measure. It was decided that the entire cash credit limit, along with accrued markup, would be transferred to the National Fertilizer Marketing Limited (NFML), with provinces covering the cost of import.

Furthermore, the ECC, in a move to support Petroleum Division projects, considered and approved a summary from the Ministry of Energy (Petroleum Division). This approval grants funds worth Rs423.726 million as a technical supplementary grant for the PSDP projects of the Petroleum Division.