Daily insulin shots for diabetics are pinching less as pricing regulator National Pharmaceutical Pricing Authority (NPPA) slashed the price of the blood sugar-controlling products by 25% to 40% in November.
India has a Rs. 1,500-crore insulin market, which caters for 12 million insulin-reliant patients.
A 10ml vial, which lasts for 10 to 12 days for an average patient, now costs around Rs. 284 against Rs. 369 two months ago. Insulin is among 74 drugs whose prices the government controls.
The lowest prices of the largest selling imported and domestic insulin brands are now considered to be ceilings in the respective categories. Besides, NPPA clamped down on arbitrary cost adjustments by firms.
“These are two different steps aimed at bringing down the retail prices of insulin,” CP Singh, chairman, NPPA, told HT.
DG Shah, director general of industry body Indian Pharmaceutical Alliances, however, said, “The move may benefit the consumer in the short term, but it may discourage firms to expand capacities and enter the market.”