Kuala Lumpur: 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, stated that the organisation welcomed the government’s commitment to execute the mechanism, which would help reduce the public’s burden amid rising living costs.

According to BERNAMA News Agency, Mohd Azmi highlighted that the issue of drug price transparency has been delayed for too long. He noted that while the modern pharmaceutical industry has played a significant role in maintaining fundamental healthcare standards, consumers have been exploited by the industry to generate profits under the guise of consumer needs. The mechanism, postponed since 2018, aims 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 further explained that this issue has contributed to Malaysia’s healthcare inflation rate exceeding the global average 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.