Using AIOCD-AWACS database on drugs sold in the Indian pharmaceutical industry, in this paper we have empirically analysed the impact of price control regulation on sales (units and volumes) of price regulated drugs. The latest drug price regulation, DPCO-2013 has an important limitation that it does not cover all the strengths and dosage forms of a regulated molecule. This leaves some part of the molecule price regulated and some part unregulated. We have utilised this feature of DPCO-2013 in our study. Using ‘Difference-in-Difference’ methodology we have compared the trend of sales for the price regulated and price unregulated drugs of the same molecule. We find that there is no difference in difference in total units sold of the regulated and unregulated drugs in the pre vs post intervention period. We do find a significant difference in difference in the sales value of regulated and unregulated drugs. The sales value of regulated drugs has declined over time, that of unregulated drugs has increased over time. Hence, price regulation has neither made price regulated drugs more available, nor has it led to their shortage but the sales revenue of firms has declined over time from the regulated drugs and has increased from the unregulated drugs.