Kuala Lumpur: The implementation of the Medicine Price Display Order at private healthcare facilities and pharmacies not only protects consumer rights but also allows insurance companies to compare the displayed medicine prices with those charged by private hospitals and clinics.
According to BERNAMA News Agency, Professor of Health Economics, Policy and Management at IMU University, Prof Datuk Dr Syed Mohamed Aljunid Syed Junid, stated that this initiative would enable insurance providers to make fairer comparisons and engage in more transparent negotiations with panel health facilities. This is expected to foster more affordable and competitive pricing in the market.
Dr Syed Mohamed Aljunid emphasized that the move is a significant step in transforming the country’s health system, addressing rising health inflation, and ensuring access to quality medicines at reasonable prices. He noted that the transparency of the price display simplifies regulation, as some clinics may mark up prices unreasonably. This transparency allows insurance companies to scrutinize, analyze, and take appropriate action when processing patient claims for treatment at private hospitals or clinics.
He further explained that the Medicine Price Display initiative was introduced to enhance transparency in medicine pricing, enabling consumers to make informed decisions based on their affordability. Consumers are now able to view medicine prices before purchasing, which helps prevent hidden costs or excessive pricing. This initiative allows consumers to compare prices across healthcare providers and make informed choices, ultimately aiming to prevent them from being burdened with unreasonable charges for medicines.
In addressing concerns regarding the potential impact on private medical practitioners or GPs, Dr Syed Mohamed Aljunid clarified that the initiative is not intended to disrupt GP services or their operating models but rather to enhance the transparency of the existing system. He highlighted that the government’s role is to display medicine prices, not to control them, allowing private facility doctors to set prices they deem appropriate based on the cost of purchasing medicines.