New Delhi: Reduction in ceiling prices of 464 drug formulations after the introduction of National List of Essential Medicines (NLEM)-2015 has led to savings of Rs 2,288 crore to consumers.
"Ceiling prices of 464 formulations (amounting to nearly 7,000 different stock keeping units) have been fixed by the government after the announcement of NLEM, 2015 and revised Schedule-I," Chemicals and Fertilisers ministry said in a statement.
This has resulted in effective savings of Rs 2,288 crore to consumers by way of reduced prices, it added.
A core committee formulated to revise the NLEM had recommended inclusion of 106 medicines and deletion of 70 others from the earlier NLEM, 2011, it said.
The Pharmaceutical Pricing Policy entails the price control of only Schedule-1 medicines which are included in the NLEM.
The medicines which ceased to be a part of NLEM, 2015 and Schedule-1, will only be monitored as non-scheduled medicines, the ministry added.
Non-scheduled drugs are allowed an increase of up to 10 percent in prices every year, which is monitored by the National Pharmaceutical Pricing Authority (NPPA).
Consequent to notification of National Pharmaceuticals Pricing Policy on December 7, 2012 and notification of Drugs (Price Control) Order, 2013, all the medicines as specified in the NLEM-2011 were brought under price control.