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| NPPA issues 680 notices to 471 companies for overcharging |
| Press Trust of India / New Delhi Jul 14, 2009, 20:13 IST |
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Drug Price regulator NPPA has sent notices to 471 drug companies asking them to return over Rs 2,000 crore they have allegedly overcharged the consumers, a statement posted on NPPA's website said.
NPPA has initiated action against the companies according to the provisions of the Drug Price Control Order (DPCO) 1995.
Since its inception in August 1997, up to June 2009, the National Pharmaceutical Pricing Authority (NPPA) has issued 680 demand notices to pharmaceutical companies.
According to the website, the 471 companies include some of the big ones like Ranbaxy, Cipla,Dr Reddy's, Pfizer and Cadila.
However, of the Rs 2,000 crore due, NPPA has been able to recover only Rs 172 crore from them.
The regulator has also referred the case of 61 pharmaceutical companies to collectors for recovering Rs Rs 147.1 crore, out of which Rs 53 crore has been recovered to date.
Under the provisions of DPCO 1995, NPPA controls the prices of 74 bulk drugs, included in the schedule I and the formulations containing any of those Scheduled drugs.
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