With the National Pharmaceutical Pricing Authority (NPPA) venturing into new territory, from essential medicines to medical devices, the spotlight has returned to India’s long-standing drug-pricing dilemma. NPPA significantly lowered the price of stents. NPPA reduced the price of cancer drugs by up to 86% and diabetes drugs by up to 42%.The public has naturally welcomed these decisions. But it is important to keep in mind that while the government must ensure that the common man has access to proper healthcare, it also cannot undercut market dynamics entirely. If companies do not have the resources to invest in research and innovation, it is ultimately the public that will suffer. This is not to make a case for no regulation at all but to argue for a more comprehensive regulatory framework that looks beyond price caps to ensure quality healthcare coverage for all citizens. In India, as policymakers grapple with the issue of supporting public welfare versus medical innovation on limited resources, they will do well to look at other key elements of the healthcare matrix, such as extending the insurance coverage (currently at 25%) and shoring up healthcare infrastructure. At the same time, the manufacturing industry should also reach out to the public and explain how there is more to its pricing strategy than just profits.