KARACHI: GlaxoSmithKline Consumer Healthcare Pakistan Limited (GSKCH) on Friday informed the Pakistan Stock Exchange (PSX) about lifting the ‘force majeure’ on Panadol production.
Force majeure is a clause that is included in contracts to remove liability for unforeseeable and unavoidable catastrophes that interrupt the expected course of events and prevent participants from fulfilling obligations.
The change follows a declaration of force majeure by GSKCH, a Haleon Group member, on October 21, 2022, affecting the manufacture of Panadol and Panadol Extra tablets as well as the Panadol liquid line for children.
In the days that followed, the pharmaceutical industry and the government reached an understanding over the updated costs of Paracetamol products, and production of the drug got underway. The negotiations were facilitated by Federal Minister for Finance and Revenue Ishaq Dar.
“We appreciate the efforts of the federal government to revise the prices of Panadol Tablets, Panadol Extra Tablets and Children’s Panadol Liquid Range, which will help the company to continue to produce everyday healthcare products without gross losses,” said GSKCH on Friday.
Pharmas wanted the price of plain paracetamol to rise from Rs1.87 to Rs2.67, but the government only permitted a rise to Rs2.35. Pharmaceuticals had requested a rise of Rs3.32 for each Paracetamol Extra tablet, which was currently priced at Rs2.19 per tablet. The price of a tablet was permitted to increase to Rs2.75 by the government.
The price of a bottle of paracetamol liquid has been increased from Rs104.8 to Rs117.6.
