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Tag: Medicine #pharma

  • ECC approves higher retail price for 49 new drugs

    ECC approves higher retail price for 49 new drugs

    Canada Global (Web News) The maximum retail prices of 49 new pharmaceuticals were raised on Monday by the Economic Coordination Committee (ECC), as the nation struggles with the effects of the depreciation of the rupee.

    The government stated the introduction of these pharmaceuticals in Pakistan for the first time at prices that are typically far cheaper than those of other nations in the area as the justification for the action.

    The ECC also authorised a supplemental grant of Rs402.251 billion for debt servicing to repay the Chinese and Saudi loans as Finance Minister Ishaq Dar presided over the meeting.

    The change is the result of fluctuations in the exchange rate, which was originally set at Rs. 186 in relation to the US dollar but had to be adjusted due to the depreciation of the rupee.

    The cabinet committee also decided to issue a Rs. 9,500 million government guarantee for the Hyderabad-Sukkur Motorway’s build-operate-transfer basis and to allocate Rs. 12 billion to the National Disaster Management Authority for the purchase of relief supplies to restock/replenish its reserves.

    To cover the shortfall for the current fiscal year, funds totaling Rs. 839.129 million and Rs. 700 million for the Ministry of Information and Broadcasting, respectively, were also granted.

    For the Ministry of Interior, Rs48 million were approved for HQ Frontier Corps (North) KP to build the FATA Levies Centre, Rs470.827 for paying the troops’ cost and subsistence allowance to the members of the Civil Armed Forces serving in UN Peacekeeping Missions, and Rs66.336 million for building the Frontier Constabulary Training Centre. The money was given to Pakistan as aid from the US to help the civil armed forces become more capable.

  • US pharmaceutical businesses settle opioid claims for $10 billion.

    US pharmaceutical businesses settle opioid claims for $10 billion.

    Two US pharmacy chains have tentatively settled lawsuits brought by state, local, and tribal governments that claimed they engaged in reckless behaviour that contributed to the opioid crisis.

    CVS Health and Walgreens announced agreements under which they would pay about $5 billion each. Walmart is also reportedly in talks for a deal that could raise the total by additional billions.

    Settlements with pharmacies “will bring billions of additional dollars to communities that are desperate for funds to combat the epidemic” of opioid addiction, according to Paul Geller, one of the attorneys who negotiated for the governments.

    The US Centers for Disease Control and Prevention estimate that more than 699,000 deaths since 1999 have been associated with the opioid crisis (CDC). Additionally, a number of lawsuits have been filed against drug manufacturers and distributors because of actions that some claim made the crisis worse and allowed them to make money.

    With more than 3,300 lawsuits filed against drugmakers, distributors, and pharmacies since 2017, the potential agreements could be the last significant round of settlements regarding the contribution of various corporations to the opioid crisis.

    According to lawsuits filed against CVS, Walgreens, and Walmart, these businesses continued to fill prescriptions even when there were indications that their opioids were being used for illegal purposes.

    A $650 million verdict in favour of two Ohio counties against CVS, Walgreens, and Walmart, as well as a finding that Walgreens had contributed to the opioid problem in San Francisco, California, were among the notable trial victories for the plaintiffs against pharmacy corporations.

    Purdue Pharma LP and its Sackler family owners are attempting to settle opioid allegations made against them through a $6 billion settlement in bankruptcy court. OxyContin, a prescription painkiller, is widely regarded as having started the addiction and overdose problem.

    At a bankruptcy court hearing in March, victims and loved ones of those who perished in the opioid crisis passionately challenged the Sackler family about their part in the epidemic.