Connect with us

Business

Pharma pricing regulator cuts stent prices by up to 85%

Published

on

New Delhi, Feb 14 

In a major measure of relief to cardiac patients in India, the government on Tuesday fixed the ceiling price of coronary stents which are used to open up blocked arteries.

The National Pharmaceutical Pricing Authority, in a notification, put a ceiling price on drug eluting stents (DES) and bioresorbable stents at Rs 29,600, and that of bare metal stents at Rs 7,260, effective from Tuesday. The ceiling price excludes local taxes.

The cost of a drug eluting stent currently ranges between Rs 24,000 and Rs 1.5 lakh, and that of a bioresorbable stent is between Rs 1.7 lakh to Rs 2 lakh. A bare metal stent costs between Rs 7,000 and Rs 20,000.

NPPA said it had consulted with various stakeholders on the matter.

“During deliberations, it was found that huge unethical markups are charged at each stage in the supply chain of coronary stents resulting in irrational, restrictive and exorbitant prices in a failed market system driven by information asymmetry between the patient and doctors pushing patients to financial misery,” an NPPA notification said.

The NPPA also said that a stent could cost the patient over ten times more by the time it moved from the manufacturer to the patient.

In July 2016, the Union Health Ministry had, through a notification, included coronary stents under the National List of Essential Medicines (NLEM). Drugs and devices listed in the NLEM have to be sold at the price fixed by NPPA. This was after the Delhi High Court sought government action on a public interest litigation (PIL) appeal seeking price control on stents.

 

(IANS)

Business

Karnataka politics, oil prices depress equity market

Published

on

SENSEX-

Mumbai, May 21: Formation of a non-BJP government in Karnataka, along with weakness in global indices and rising crude oil prices, pulled the key Indian equity indices to close in the negative territory for the fifth consecutive session on Monday.

According to market observers, automobile, consumer durables and healthcare stocks slumped during the day’s trade.

After opening on a flat note, the indices traded higher during the early hours in the day but were unable to hold on to the gains for long.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provincially closed at 10,516.70 points, down 79.70 points or 0.75 per cent from the previous close of 10,596.40 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE settled in the red. It had opened at 34,873.16 points, closed at 34,616.13 points (3.30 p.m.) — down 232.17 points or 0.67 per cent — from its previous session’s close of 34,848.30 points.

The Sensex touched a high of 34,973.95 and a low of 34,593.82 points. The BSE market breadth was bearish with 1,969 declines against 680 advances.

The major gainers on the BSE were State Bank of India (SBI), Tata Consultancy Services (TCS), Coal India, Axis Bank and ICICI Bank, while Sun Pharma, Dr. Reddy’s Lab, Yes Bank, Tata Motors and Tata Motors (DVR) were the major losers.

On the NSE, the top gainers were SBI, BPCL and Coal India. The major losers were Dr Reddy’s Lab, Sun Pharma and UPL.

IANS

Continue Reading

Business

In five years, private banks see 450 percent hike in NPAs

Published

on

rs-2000-note

New Delhi, May 21: Data of last five years revealed that the Non-Performing Assets of private banks on a surge, with a 450 percent hike in gross NPAs of these lenders from Rs 19,800 crore at the end of financial year 2013-2014 to Rs 109,076 crore at the end of March 2018.

According to the Indian Express report, Among the banks that have accumulated a huge rise in bad loans are ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank, Federal Bank and Yes Bank.

ICICI Bank is on top of the NPA list with Rs 54,063 crore in bad loans. It has recorded a 514 percent increase in NPAs in five years – from Rs 10,506 crore in FY 2013-14 to Rs 54,063 crore in March 2018, the IE report stated.

Axis Bank saw a 988 percent jump in its bad debts in last five financial years. The Bank’s bad loans have climbed up from Rs 3,146 crore in FY 2013-14 to Rs 34,249 crore in FY 2017-18, the report said.

The Reserve Bank of India (RBI) had recently imposed a fine of Rs 3 crore on Axis Bank for violations of NPA classification.

While HDFC Bank’s NPAs rose from Rs 2,989 crore to Rs 8,607 crore in the last five financial years.

Yes Bank’s NPAs jumped from Rs 175 crore in FY 2013-14 to Rs 2627 crore in 2018.

Last year, the RBI in a risk assessment discovered that Yes Bank had under-reported its NPAs by Rs 6350 crore.

However, Yes Bank is not alone in under-reporting NPAs. From ICICI to HDFC to Axis Bank, all have invited flak from the RBI for asset divergence. In March 2017, the RBI in its assessment had found that HDFC had under-reported its NPAs by Rs 2052 crore.

WeForNews 

Continue Reading

Business

Petrol, diesel prices hit all time high; rates hiked for 8th day in row

Published

on

Petrol

New Delhi, May 21: Petrol and diesel prices on Monday were increased in the range of 33-34 paise per litre and 25-27 paise per litre across Delhi, Kolkata, Mumbai and Chennai. That marked fresh all-time highs of petrol and diesel prices in Delhi.

On Sunday, petrol was priced at Rs 76.24 per litre in Delhi, more than the previous all-time high price of Rs 76.06 reached in September 2013. Diesel prices had been registering new all-time highs for past few sessions. With effect from 6 am, Monday, petrol was sold at Rs. 76.57 per litre in Delhi while diesel retailed at Rs. 67.82 per litre, according to Indian Oil Corporation.

Monday’s revision marked an eighth consecutive hike in petrol and diesel prices in the four metros.

Prior to these hikes, petrol and diesel prices were not raised for about three weeks before Karnataka elections. Because of that, oil marketing companies (OMCs) needed to raise petrol prices by Rs. 4.6 per litre, or 6.2 per cent, and diesel rates by Rs. 3.8 per litre, or 5.8 per cent, according to brokerage Kotak Institutional Equities.

While the crude oil prices are near their 2014 highs the rupee has weakened by more than 6 per cent so far this year. That is why domestic petrol and diesel prices may continue to rise in the very short term, say experts.

According to a report of The Economic Times Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday had said the hike in the fuel prices is due to the less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market. The Union Minister also assured the citizens that the Indian government will soon take out a solution to tackle the situation.

WeForNews

Continue Reading
Advertisement

Most Popular