LETTERS: Medicines are not a commodity to be based solely on supply and demand. Medicines save lives. It is essential for patients' survival and recovery.
Medicines cannot be dealt with as other commodities, which is the reason medicine affordability is under the Health Ministry and not a trade ministry.
Medicines are a critical consumer right. They should be never be dealt with based on how much profit sellers make.
The Malaysia Competition Commission undertook a Market Review on the Pharmaceutical Sector.
The review said: "Malaysian drug prices are high by international standards."
It appears that pharmaceutical companies in Malaysia are making exorbitant profits by international standards.
In another study, it was found that "Malaysia has on average higher retail prescription prices compared to Australia due to the lack of pharmaceutical regulation".
The Pharmaceutical Services Programme, Health Ministry (2018), on Medicines Prices Monitoring Malaysia (2017), said wholesale medicine prices in Malaysia were eight times greater than the International Reference Price.
A 2019 Universiti Malaya study showed that 72 per cent of cancer patients experienced financial catastrophe during the first year of treatment in private hospitals, while one third of households became impoverished.
It is for sure that pharmecutical companies want to maintain their excessive profits.
That is why the Federation of Malaysian Consumers Associations (Fomca) engages with the Health Ministry on the issue of medicine price affordability and price regulation.
Based on this engagement, the cabinet approved the Medicines Price Mechanism Policy proposal by the Health Ministry in collaboration with the Domestic Trade and Consumer Affairs Ministry.
The policy would enable medicine price regulation, ensuring fairness and justice to consumers with a reduction of exorbitant profits for pharmaceutical firms.
The policy has yet to be implemented.
Fomca supports the implementation of the policy, which is fairer to consumers.
We call on the prime minister, under his Keluarga Malaysia philosophy, to put consumer and patients' welfare ahead of pharmaceutical firms' profits.
The government must protect the rights of consumers.
Food and medicines are basic needs of the people. The government takes aggressive measures to reduce food prices.
A caring government, though the Health Ministry, should put the people first in ensuring their access to affordable medicines.
DR PAUL SELVA RAJ
Secretary general, Federation of Malaysian Consumers Associations
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times