Drug price regulations welcome, but beware of unintended consequences — Dr Kelvin Yii
02 May 2019
The 2019 Global Medical Trend Rates Report that was published by AON, an international professional services consulting firm, forecasted a net growth of 13.6 per cent of medicine inflation rate in Malaysia, which is almost 5.7 times the median inflation rate in our country. This shows that the mark-up range can be rather high, and in private hospital, it is estimated that it can hit up to 117.4 per cent or even 900 per cent. Due to lower cost of these generic drugs, it allows the private hospitals, clinics or even pharmacies to mark up the final selling price and this may affect an increase of prices across the board.
That is why it is important that the government is transparent on the mechanism it intends to use especially in determining the ceiling price for these medications. The mechanism has to be transparent to make sure the “ceiling price” properly reflects the changing economy on top of other factors such as cost effectiveness analysis from the government per item, and also the GDP and income level of the people.
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