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The 11-member Indian Pharmaceutical Alliance has frozen the prices of all decontrolled medicines until March 31, 2005, in view of high inflation.
"Responding to inflationary pressures on the economy and as a goodwill gesture, IPA member companies have agreed at the meeting with Union Minister for Chemicals, Fertilisers and Steel Ram Vilas Paswan to freeze current prices of medicines until March end 2005," IPA chairman Habil Khorakiwala told newspersons in Mumbai on Thursday.
The freeze would have some impact on the companies, which would have to be quantified, he said.
He also said if Patent (amendment) Bill became law in its present form, almost 15 per cent of medicines now marketed would come under product patent.
"This could lead to a chaotic situation as several companies would be forced to withdraw their brands from the market and the innovator entity will be able to jack up prices, hurting consumers," Khorakiwala said.
IPA has therefore requested the government to exclude patentability of new forms of previously patented compounds and allow a provision for pre-grant opposition to patent application as was permitted currently, he added.
These recommendations have been forwarded to the Group of Ministers, he said.
IPA's members include Dr Reddy's Laboratories, Ranbaxy Laboratories and Torrent Pharmaceuticals.