Drug Price Control Order Act (DPCO Act)
Drug Price Control Order Act (DPCO Act) – Let us understand what this act is about and how and why it came into effect. This article is full of all the information about Drug Price Control Order Act (DPCO Act). We hope this article is of use and we are able to educate you on this topic. Keep reading further.
The sole aim of this article was to stop pharmaceutical companies from selling pharma drugs and essential pharma medicines at a price that was not affordable. With the help of this act, many pharmaceutical companies were kept from draining the money from people. Ever since this act was implemented it helped a lot of people. This article is full of all the information you need on this act.
Table of Contents
Sole purpose of the Drug Price Control Order Act
Well, in earlier days it was difficult to keep a record of all the pharmaceutical companies and their prices. It was then this act was implemented. In 1970, Drug Price Control Order act was implemented and ever since it has been implemented it has brought relief to many people. Here are some of the perks of implementing this act:
- The first one is that it definitely helped and simplified the lives of many people who were not financially strong and were unable to afford these pharma drugs.
- The second one happens to be that by this act government took a major step in keeping the famous pharmaceutical companies from selling expensive medicines.
- The third one is since some medicines were extremely important and no other medicine or salt of the drug could replace them one had to buy them. However, it really helped everyone in getting the essentials of life.
- In addition, these price controls are only applied to a certain number of drugs whether they are generic drugs or have a common brand. DPCO 2013 contains 680 drug formulations spread across 27 medical groups 348 drugs in the 2011 National Drugs list.
- As per the World Health Organization, medicine is one of the most important factors in the economic impact, especially in developing countries. However, in economically perfect countries medicine represents 15 to 30% of health costs and 25 – 66% of developing countries.
Why is Drug Price Control Order Act important?
Most commonly known for the control of medicines price it is also important for pharma companies. India is branded generic market and a lot of doctors prescribed medicines from a particular brand which had to stop. It was observed that medicines of the higher brand were prescribed more to make their reach even more. As patients or customers, they often had to buy these medicines. Therefore, it really affected the economy of India. Therefore, this was when it became very much important to implement this act and make it easier for everyone. Last but not the least it also increased the competition among many pharma companies. Health was neglected and all the focus was on buying expensive medicines or medicines that were prescribed by medical practitioners.
More information about Drug Price Control Order Act
Drug Price Control Order Act has the power to fix the prices of the medicines available in the market. This act was launched in the year 1970 and ever since its launch, it has helped many people not spend anything out of their budget and made basic essentials of life very much affordable. The whole purpose of this act is to bring equality to everyone by selling pharma medicines at a price that is the same for everyone. Anyone violating the act is also punished and fined. Therefore, no pharma company can deny the act and everyone has to follow these rules and guidelines ethically. To make sure these instructions are followed Drug inspectors are appointed to keep the inspection and make sure all the selling is done by abiding by these rules. Zoic Biotech on the other hand is a very ethical company and is very honestly following all these instructions. We manufacture and then sell the pharma drugs at a very reasonable price. Here at Zoic Biotech we value human life and provide all the essentials at a price that can easily be afforded.
Conclusion
We hope this article provided all the important information about the act. The article mentioned above stated that the basic essentials of life should be provided at a price pleasing to everyone. We have also mentioned that someone who violates these instructions is punished and fined. We hope this article was of use to you. And we helped you in managing the important instructions about the Drug Price Control Order Act.
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