The government has reduced the prices of 41 commonly used medicines and six formulations used to treat diseases such as diabetes, heart and liver ailments.
Antacids, multivitamins, and antibiotics are among the medicines that will become cheaper, according to a notification issued by the Department of Pharmaceuticals and National Pharmaceutical Pricing Authority (NPPA).
The pharma companies have been instructed to pass on the information on the reduced price of various medicines to dealers and stockists with immediate effect.
The decision was taken at the 143rd meeting of the NPPA in order to ensure that the cost of essential medicines remains affordable for the public.
India is among the countries with the highest number of diabetes cases in the world with over 10 crore diabetes patients in the country who are expected to benefit from the price cut.
Last month, the Department of Pharmaceuticals released its annual revised ceiling prices for 923 scheduled drug formulations and revised retail prices for 65 formulations, effective April 1.