Pakistan hikes drug prices by 20%
Inflation-hit Pakistan on Friday approved a rise of up to 20% in retail prices of general medicines and 14% for essential ones, prompting immediate criticism from drug manufacturers who said the increases were too small.
The government decision followed a months-long stand-off with importers and manufacturers, whose associations have been demanding an across-the-board 39% rise, warning that the industry could otherwise collapse.
Pakistan's annual inflation rate hit 35% in March, fuelled by a depreciating currency, a rollback in subsidies and the imposition of higher tariffs to secure a bailout package of $1.1 billion from the International Monetary Fund (IMF). Food inflation has soared to 47%.
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