CorporateInsulin prices may come down by 70%
Insulin prices are likely to fall by up to 70 per cent as drug price regulator the National Pharmaceutical Pricing Authority (NPPA) has brought some more diabetes drugs under its purview.
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NPPA brought Wockhardt’s Glaritus and Biocon’s Basalog, local versions of popular insulin brand Lantus, under price control.
NPPA fixed the maximum retail price of Basalog insulin Glargine injections, manufactured by biotechnology major Biocon, at Rs 135.24 per vial, or around 70 per cent lower than the prevailing market price of about Rs 500 per shot.
The regulator also reduced the price of Lantus insulin, available in 3 ml cartridge, from Rs 543 per vial to Rs 508.54.
According to industry estimates, the insulin market in the country is estimated to be worth over Rs 600 crore, and is growing at 30 per cent per annum.
In all, NPPA has fixed/revised the prices of 887 formulation packs of various combination drugs, including some popular medicines like Gentamycin with combinations, Aspirin and Erythromycin.