The PIL was filed in 2003 to bring down prices of essential drugs.
At the hearing held in October, the apex court had however expressed its preference for a cost-based pricing structure to cap prices of essential medicines. This has also been demanded by NGOs, which argue against a market price-based policy.
With the Cabinet clearing the market-based pricing policy, the Supreme Court hearing will be the next hurdle. It remains to be seen whether the Court will intervene in a policy decision made by the government.
Last week, the GoM proposed a fresh formula to fix the ceiling price for 348 drugs under the NLEM (national list of essential medicines). It is understood that the new formula for calculating the ceiling price will be a simple average of all brands with a 1% market share cut-off. In September 2012, the GoM announced the ceiling-price formula as the weighted average of all brands with 1% market share. This formula was opposed by the finance minister (who favoured a cost-based approach) during an earlier Cabinet meeting.
The ceiling-price formula was thereafter revised to address issues raised by the finance minister.
The changes (simple average) to the ceiling-price formula are likely to be incrementally negative for most companies but the impact is likely to be limited. Analysts view the market price-based policy structure as being a long-term structural positive, despite a one-time near-term earnings hit across companies.
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