Price controls could risk Malaysia inbound medical travel

 

Chin is quoted in the article saying “Medical health tourism is expected to reach RM1.8 billion by year-end, registering a 25% growth. The growth is largely because patients from neighbouring countries seek treatment here, due to the relatively affordable and good private healthcare. Our drugs are accessible. We have innovative medicines at affordable prices and I think the figure is a testament to that.” 

He also said any intervention to cap prices would impact patients’ experience, minimise treatment options, impede access to innovative medicines and reduce Malaysia’s attractiveness as a health tourism destination.

According to the Malaysia Reserve, Health Minister Datuk Seri Dr Dzulkefly Ahmad announced that the ministry intends to use external reference pricing (ERP) to benchmark drug prices in Malaysia against seven to eight selected countries by choosing the average three lowest reference prices to determine the ceiling price sold to dispensing channels in Malaysia. The ministry plans to impose a ceiling price at supply, namely wholesale through ERP and retail levels.

Chin said putting controls on the prices of medicine without proper engagement, consultation and cost-benefit analysis would have far-reaching consequences.

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