First, do no harm

Given that India has among the lowest-priced pharmaceuticals in the world—between 2004-05 and January 2012, while WPI rose 57.2%, prices for drugs and pharmaceuticals rose just 21.3%—it was never clear why the industry should ever have been subjected to price controls. The industry has anywhere between 5,000 and 10,000 manufacturers, and the market leader has a market share of under 5.5%, a market structure perhaps found in no other industry anywhere in the world.

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