Delhi High Court orders to cap the price of coronavirus COVID-19 test kits at Rs 400
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| Delhi High Court orders to cap the price of coronavirus COVID-19 test kits at Rs 400 |
NEW DELHI : The Delhi High Court capped the price of imported antibody test kits at Rs. 400 each, less than the rate of Rs. 600 approved by the Indian Council of Medical Research (ICMR). “The court is of the view that a profit markup of Rs. 155… on the landed cost price of Rs. 245 is much on the higher side and in any case more than sufficient for the seller, for the kits/tests to be made available in India for urgent extensive tests through the country, especially in these present extraordinary circumstances of the worldwide pandemic,” the bench said in its April 24 ruling.
The court had been moved by Rare Metabolics, which was seeking the release of test kits by Matrix Labs, the importer of the kits. Matrix was seeking full payment upfront before delivering them, it said.
Delhi High Court orders to cap the price of coronavirus COVID-19 test kits at Rs 400
 |
| Delhi High Court orders to cap the price of coronavirus COVID-19 test kits at Rs 400 |
According to the companies, the ICMR had placed an order with Rare Metabolics for 500,000 Covid-19 rapid antibody test kits at Rs. 600 each on March 27 and 28 for a total order value of Rs. 30 crore. Rare Metabolics routed the order through Matrix, which is licensed to import medical material. Matrix imported the kits at Rs. 245 each, or Rs. 12.25 crore, the court said. It supplied the kits to Rare Metabolics at Rs. 21 crore.
The court observed that Rare Metabolics in turn made a profit of Rs. 9 crore “despite no value addition to the imported medical material.” Of the Rs. 30 crore, which is to be paid by ICMR, Rs. 18.7 crore constituted the intermediaries’ margin, the court said. While the firms have delivered 276,000 kits to the ICMR, the court has instructed that the remaining 224,000 kits be delivered when the consignment lands in India.
TOI
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