TERAS Recommends Immediate Implementation Of Drug Price Transparency Mechanism

ALOR SETAR, May 1 (Bernama) -- Teras Pengupayaan Melayu (TERAS) has recommended that the government implement the Drug Price Transparency Mechanism without delay to protect consumer interests.

Its president Mohd Azmi Abdul Hamid said the organisation welcomed the government's commitment to execute the mechanism, which would help reduce the public's burden amid rising living costs.

"The issue of drug price transparency has been delayed for too long. While the modern pharmaceutical industry has long played an undeniable role in maintaining fundamental healthcare standards for consumers, they have been unknowingly exploited by the industry to generate profits under the guise of consumer needs.

"The mechanism, postponed since 2018, functions to ensure control over drugs and declarations of drug prices by wholesalers. Due to this delay, drug prices at private clinics have become less transparent compared to community clinics and public clinics," Mohd Azmi said in a statement today.

He noted this issue has contributed to Malaysia's healthcare inflation rate exceeding the global by 15 per cent and the Asia-Pacific average by 10 per cent over three consecutive years.

Implementing this mechanism for private clinics is essential to ensure drug price transparency in the market, control healthcare inflation, and empower consumer choice.

"Mandatory drug price displays at pharmacies and clinics are vital for price transparency, preventing price disparities between outlets, promoting healthy competition, protecting consumer rights, and facilitating monitoring and enforcement," he emphasised.

-- BERNAMA