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Economy

15% hike in Medicine Prices!

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DRUGS

ISLAMABAD: Drug Regulatory Authority of Pakistan (DRAP) today, with the approval of the federal government, has announced up to 15 percent hike in the prices of medicines.  However, the citizens will pay 9% more for the life-saving drugs.

According to DRAP the current increase in MRP is attributed to the 30%  increase in dollar’s rates. The prices of raw materials and materials used in the packaging of medicines also increased. Similarly, due to the rise in prices of utility bills such as electricity and gases, the manufacturing cost per unit has also been increased.  Moreover, increase in additional duties, interest rates and salaries of the employees was observed while most of the pharmaceutical raw materials are imported from China.

The Chinese industry has been closed due to environmental reasons and this has also become a reason for doubling the prices of raw materials. This affected the availability of medicines and vaccines in the country.  He said most common reason observed for this unavailability was found to be that pharmaceutical companies had informed that it is not commercially viable for them to manufacture such medicine. 

Therefore, multinational companies are retreating and investment opportunities are also being affected. However, DRAP ensured availability of life-saving medicine on priority. Due to these reasons, the pharmaceutical industry was demanding an increase in the prices of medicine since long keeping in view the increase in US$.  However, DRAP tried to maintain the status quo as an increase in the prices of medicines was resisted.

He added that keeping in view the unavailability of medicine in market and reasons that were beyond the control of either the regulator or manufacturer such as an increase in US $, and increased prices of raw materials, DRAP recommended a nominal increase in MRP.  It is pertinent to mention that, national pharma fulfills 90 percent of medicine need of the country and the recommendations were necessary to save the industry. 

He said the DRAP, after consultation with all stakeholders, recommended nine and 15 percent increase in MRPs of medicines. He said DRAP is continuously ensuring availability of quality, safe and effective medicine in the country.

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Economy

Pakistan’s economic condition has improved: Dr Reza Baqir

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Reza Baqir

ISLAMABAD: State Bank of Pakistan Governor Dr Reza Baqir, while addressing a press conference here, has said that Pakistan’s economic condition was improving due to the positive policies taken by the government.

“Our external deficit and fiscal deficit are being addressed according to our economic plan,” he said, adding the government was striving hard to bring economic stability in the country.

He said that the government was taking measures to restore people’s confidence in the economy and added that Pakistan’s economic future was bright. In the past, government had been interfering in the exchange rate system, he added.

The SBP governor said that the burden of external debt payments reduced due to the devaluation of rupee. He said that exchange rate policy was the part of reform process. Baqir said that the government was not taking loan from SBP during  the current fiscal year.

Earlier on June 14, good economic policies ensured a strong national economy, Prime Minister’s Adviser on Finance Abdul Hafeez Shaikh had said.

The adviser was addressing a gathering of the Council of Foreign Relations in Karachi. The governments in the past failed to devise the policies for lasting economic development, the finance adviser had said.

 

 

 

 

 

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Economy

Nahakki Tunnel opened for traffic

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TUNNEL

ISLAMABAD: The 745-meter-long Nahakki Tunnel has been completed in Mohmand Agency.
The tunnel has been opened for all kinds of traffic as well. Locals talking to a private news channel said after the construction of the tunnel, traveling of five hours has been reduced to merely 2.5 hours.
People said they were happy with this infrastructure as it would facilitate them in traveling and save time.

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Asia

Turkey hits out at Moody’s after credit rating cut

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Moodys

ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.

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