KUALA LUMPUR: The price of medicines and pharmaceuticals could rise by five to ten per cent due to the ringgit's weakness and the lack of a control mechanism, says the Malaysian Pharmacists Society (MPS).
Its president, Professor Amrahi Buang, said that in general, more than half of the imported ingredients for medicines and pharmaceuticals see price increases twice a year.
"The price of medicines depends on the price of active ingredients," he said in a Utusan Malaysia report.
It was previously reported that medical costs in the country increased by 12.6 per cent last year, compared to the global inflation average of 5.6 per cent.
This was driven by an increase of 600,000 adults requiring treatment for non-communicable diseases since 2019, while a rise in medicine prices also led to higher treatment costs.
Amrahi said the free-market mechanism for the pharmaceutical industry in Malaysia has not been effective in keeping prices down.
"This price increase could potentially affect essential medicines regulated by the Health Ministry and the Domestic Trade and Cost of Living Ministry."
He added that the absence of price controls would continue to drive up treatment costs.
Amrahi said this was why a national health financing scheme was necessary.
Previously, MPS called for the establishment of a national health financing scheme to address rising healthcare costs, improve access, and ensure a sustainable healthcare model.
Then, Amrahi also proposed introducing a co-payment mechanism to encourage responsible healthcare utilisation while ensuring affordability for all segments of society. - NST
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