The AIOCD Pharmasofttech AWACS, an electronic infrastructure creation firm connected to the All Indian Origin Chemists and Distributors Ltd (AIOCD Ltd), will start issuing a new monthly report on medicine price inflation index from February, 2010, for the government organisations and general public.
The product will be launched on February 26, 2010, with the price hike index for the last one year and would continue to provide monthly reports in every 15th of the corresponding months, according to Ameesh Masurekar, director, AIOCD Pharmasofttech AWACS.
The report will compare the volume and value-wise growth of medicines and will indicate the price-wise increase of the drug for the particular month. The monthly price index will be collected from the 5.5 lakh members of the All India Organisation for Chemists and Druggists (AIOCD), the largest pharma trade body in the country, and will comprehend it to a monthly report by ensuring accuracy.
“We are not considering this as a revenue generating product, but this is our service to the price monitoring and regulatory offices with the central government and, of course, the general public,” said Ameesh.
However, the product would be reporting the price increases on a macro level and would not provide information on particular brands or company sales. The company-wise report will always be accessible to the government officials. The report would be helpful for the National Pharmaceutical Pricing Authority (NPPA), the watchdog of pharma product pricing, to monitor the price inflation in drugs as and when it takes place.
“We have already met the NPPA officials and they are impressed with the accuracy of reports we come up with. The price inflation index will be available to the authority for their perusal at any time,” said Ameesh.
The company, a joint venture between AIOCD LTD and Trikal Medi Infotech for creating electronic infrastructure for the pharma industry and trade, has earlier launched a mobile drug database, for the first time in India, to provide drug information to doctors and pharmacists all over the nation through cell phone.