Pakistan defers decision on drug price rise as pharma firms struggle [Reuters]
Sanofi - American Depositary Shares (SNY)
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Source: Reuters
KARACHI, Pakistan, March 27 (Reuters) - Pakistan on Monday deferred a decision on a request by pharmaceutical firms to raise the prices of more than 100 medicines, prolonging a stand-off with an industry struggling to stem losses from soaring inflation and a weakened currency. The request was discussed during a meeting of the finance ministry's Economic Coordination Committee, but no decision was taken, a ministry statement said. It was unclear when the matter would be discussed again, officials said. Since June, local and multinational companies, including Sanofi SA (SASY.PA) , have been lobbying the government to raise prices through industry lobby groups the Pharma Bureau and the Pakistan Pharmaceutical Manufacturer's Association (PPMA). Ayesha Tammy Haq, Executive Director of the Pharma Bureau, said some member companies have completely shut down, while others have cut output to offset production costs that have risen by 60% over the last six months. "We may hear of more sh
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