Drug maker GlaxoSmithKline (GSK) on 21 April 2014 announced to slash the price of the widely-used fever and pain-relief pill Crocin Advance by 50%.
The announcement was made after the National Pharmaceuticals Pricing Authority (NPPA) rejected the application of GSK seeking an exemption from price control. NPAA is the drug pricing regulator of the country.
GSK had sought an exemption from price control on grounds that Crocin Advance was developed through indigenous research and development.
GSK is reducing the price of Crocin Advance to conform to the price notified under Drug Price Control Order (DPCO) 2013 with immediate effect.
At present, each 500 mg strip of 15 tablets of Crocin Advance is priced at 30 rupees, whereas the price of paracetamol 500 mg is capped by NPPA at 94 paise for a tablet, or around 14 rupees for a strip of 15.
In March 2014, the Maharashtra Food and Drug Administration had issued a show-cause notice to GSK for selling the medicine at a price higher than the ceiling price as stipulated in the DPCO 2013.
When: 21 April 2014