Business / NEWS UPDATE
India slashes cost of cancer drugs after court rules mark-ups are ‘extortion’
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The Indian government has reduced the prices of 137 cancer drugs, following a court ruling that deemed hospital and pharmacy mark-ups on these medications as 'extortion.' A retired bank clerk, Sarojam Radhakrishnan, filed a petition in 2022, leading to a cap on drug prices that is expected to save patients up to 70% on their costs.
The move aims to address the financial ruin faced by many families due to the high cost of cancer treatments, though the ruling came too late for Radhakrishnan, who passed away in September 2022. The court has also asked the government to consider extending the price cap to other non-patented drugs.