India : Central Govt.'s drug price control policy gets big boost from SC.
As the Supreme Court allowed the government's appeals and upheld various notifications under the Drug Price Control Order of 1995, the Centre's drug price control policy got a major boost recently
The companies before the court included Cipla, Martin & Harris Laboratories, Johnson Smith Co, Ishaan Labs, Remidex Pharma, and Dr Reddys Laboratories.
These firms had challenged the price control order in various high courts previously, and had got relief.
The apex court order has not stated any penalty or charges to be paid by the pharma firms, but the total these companies owe to the government amounts to nearly Rs 3,500 crore.
Cipla stated: "The Supreme Court on October 21 decided in favour of Union of India in an appeal filed against Cipla and others arising out of the judgment of the Allahabad High Court."
In its annual report, Cipla said, "The company has been legally advised that on the merits of the cases, there is very little likelihood of these demands crystallising. Hence, no provision is considered necessary in respect of notices of demand received by the company up to date aggregating to Rs 1,768.51 crore."
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Oct 24, 2016|
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