Indian drug prices not to shoot up

Himalayan News Service

New Delhi, April 4:

India’s new patent regime legislated by parliament has enough safeguards to ensure affordable medicines for consumers and prevent any adverse increase in prices of drugs, Kamal Nath, Indian commerce minister has said.

“The price of medicines will not shoot up due to patents because of strong safeguards, checks and balances,” the minister told a meeting on ‘Product Patents: Implications for Pharmaceutical Industry and Consumers.’

“There are comprehensive provisions in the act to deal with issues concerning the price

and availability of medicines,”

he said in a statement to the meeting organised by the government and the United Nations Conference on Trade and Development (UNCTAD).

The measures cover compulsory licences for ensuring products at fair prices, parallel import of products, acquisition of patent rights by the government, revocation of patents in public interest and emergency situations.