Posted by : Varun Doshi
On : 03 June 2014
Comments : 1
Views : 1715
Pharma major GlaxoSmithKline (GSK) on Monday announced that it will slash the price of the widely-used fever and pain-relief pill, Crocin Advance by fifty percent.
The company decided to reduce the price after the drug pricing regulator National Pharmaceuticals Pricing Authority (NPPA) rejected GSK's application seeking an exemption from price control. GSK said that the reduction of Crocin Advance's price to conform to the price notified under Drug Price Control Order (DPCO) 2013.
At present, the price of Crocin Advance fast release 500 mg is Rs 30 for a strip of 15 tablets. The price of paracetamol 500 mg is capped by NPPA at 94 paise for a tablet, or around Rs 14 for a strip of 15.
It is to be noted that Crocin has not been selling in the market over the last month. GSK was issued a show-cause notice by the Maharashtra Food and Drug Administration in March for selling Crocin Advance at a price higher than the ceiling price as stipulated in the DPCO 2013.
GSK had urged the DPCO not to bring Crocin Advance under price control rule because this drug was developed through indigenous research and development.