September 27, 2012 / 12:20 PM / 5 years ago

India panel recommends price control for 348 essential drugs: minister

NEW DELHI (Reuters) - An Indian panel of ministers has recommended price regulation for 348 “essential drugs”, up from 74 earlier, a federal minister said, a move that is likely to hit prices of costly brands sold by domestic as well as multi-national drugmakers.

The panel has finalised the proposal and it will be forwarded to the cabinet within a week, telecommunications minister Kapil Sibal told reporters on Thursday.

According to the initial draft, medicines worth 290 billion rupees ($5.42 billion), excluding the retailers’ cut, would come under price control. India is the world’s fourth largest drug market by volume and 14th largest by value.

Reporting by Annie Banerji; Editing by Anupama Dwivedi

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