The lower house of the Russian parliament...

The law spells out the powers of federal and regional authorities in regulating the circulation of drugs, including the power to set maximum wholesale and retail markups on prices for the most basic "life saving" medicines, such as treatments for TB and diabetes.

President Dmitry Medvedev last year called markups of over 50% "impudent profiteering."

Healthcare establishments will now be permitted to buy medicines directly from manufacturers bypassing distributors.

Retails prices on pharmaceutical products included in this list will be subject to annual state registration.

There have been widespread public complaints about soaring drug prices, which have been affected by the euro and dollar exchange rate, inflation, and alleged overpricing by manufacturers, distributors, and pharmacies.

Reportedly, some 75% of drugs sold in Russia are imported while the rest have imported ingredients.

MOSCOW, March 24 (RIA Novosti)