PETALING JAYA: Medicine prices have surged by 8% in recent months, attributed to the weaker ringgit, rising raw material prices, and logistics costs, according to industry players. These price increases are expected to continue, causing concerns for consumers.
Oh Tong Keong, a marketing manager of a local pharmaceutical company, revealed that the price of raw materials used in medicine production has risen by 10% to 15% this year due to the weakening of the ringgit against the greenback. As a result, medicine prices have increased by 8%. Fortunately, his company still holds existing stocks of raw materials, which has allowed them to cushion the impact of price hikes temporarily.
He further explained, “Prices of imported raw materials have increased by an average of 10% to 15%, and the price of drugs will be adjusted accordingly. The drugs produced from March to May have already been adjusted to match market prices.”
While the prices of diabetes and hypertension drugs have remained steady, cholesterol medicine and antibiotics have experienced a significant upward trend in prices. Oh advised the public not to stockpile medicines and only purchase them as needed.
Additionally, apart from the price increase in raw materials, there has been a staggering 100% surge in the price of bottles used for packaging medicines. Amrahi Buang, the president of the Malaysian Pharmacists Society, anticipates another 5% increase in medicine prices. He specifically highlighted that imported medicines, particularly from India and Europe, where transactions are conducted in US dollars, will be notably affected.
Amrahi emphasized, “As long as you trade in US dollars, prices will go up. It is not because of the medicine itself, but rather the company and source you purchase from.” He also mentioned that prior to the Covid-19 pandemic, medicine prices were already increasing annually, and now they are escalating at least twice a year.
Amidst these concerns, it is difficult to determine how pharmacies set their prices as they can vary depending on the type of pharmacy. Therefore, Amrahi called for the government to monitor medicine prices in the market to ensure fair pricing.
On the other hand, a general practitioner, speaking anonymously, stated that medicine prices have been increasing every six months for a considerable period of time. They highlighted the lack of regulation and enforcement surrounding this issue. Even when stocks are replenished, it does not lead to a reduction in prices.
According to Aon’s 2022 Global Medical Trend Rates Report, Malaysia’s estimated medical inflation rate is 12% and is increasing at an average of 10-15% annually. This calls for urgent attention to prevent the burden on consumers from escalating further.
Credit: The Star : News Feed
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