The National Pharmaceutical Pricing Authority (NPPA) has imposed a fine of around Rs 300 crore on Swiss multinational drug company Novartis for overcharging consumers on sale of Voveran, its best-selling painkiller medicine.
The drug pricing regulator also served a showcause notice on the company, asking to explain within two weeks why action should not be taken against it for overcharging, a source in the know of the development, who did not wish to be named, told Business Standard.
Novartis’ analgesic brand, Voveran, is based on diclofenac, a component that is under the government’s direct price control. According to IMS Health annual data, Voveran, with annual sales of about Rs 225 crore, was among the top 10 brands in the domestic drug retail market as of April this year.
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