The federal government has agreed to increase the price of paracetamol in a move that will likely avert the shortage of the drug in the country, reported 24NewsHD TV channel.

The government has taken a decision to this effect during a meeting between Finance Minister Ishaq Dar and major pharmaceutical companies in Islamabad.

According to a Twitter message issued by the Ministry of Finance on Wednesday, pharmaceutical companies agreed in the meeting to start production of paracetamol immediately.

https://twitter.com/FinMinistryPak/status/1585224572571250688

Under the agreed pricing, the price of plain paracetamol 500mg tablet will be Rs2.35 from Rs 187, the price of paracetamol extra 500 mg will be Rs2.75 from Rs2.19 and the price of the Syrup will be Rs117.6 from Rs104.80.

The import price of paracetamol raw material has increased which has also pushed the production cost of paracetamol ahead, the ministry of finance said.

Reportedly, the drug is not available in the market as the sole manufacturer of Panadol had reduced production and announces a force majeure since the drug was no longer feasible for production.

Fortunately, pharmaceutical companies have agreed on a price increase that is almost half of the price increase initially demanded.