Makers cut prices of 62 medicines

The prices of medicines on the local market were being inflated by foreign manufacturers not importers, Parliamentary Secretary Chris Said said yesterday as he announced reductions on 62 medicines of between six and 50 per cent.

Dr Said argued that, although this was a step in the right direction, many more medicines were still overpriced when compared to other European countries.

He said that, since Malta was a small market, manufacturers were raising their prices and importers had to stick to them.

Over the past few weeks, he said, some manufacturers either came to Malta, or had meetings through videoconferencing before accepting to reduce prices and bring them in line with those of similar products elsewhere.

Dr Said, who piloted the talks with the importers, said that some of the reductions would come into force immediately while others when current stocks are sold out.

Among 54 of these 62 medicines will see their price drop by between six and 40 per cent, another three by up to 50 per cent while one will see its price chopped by as much as 67 per cent. Zovirax tablets, used by people with skin infections, will see the largest price decrease, dropping to €139 from €221. Similarly, Zokor cholesterol tablets will go down in price by between €11 and €31 for a course.

Dr Said said inspectors from the Consumers and Competition Division would monitor the prices to ensure that all agreed reductions come into force.

"This is only the first step. Further talks will be held over the coming weeks for further reductions in the prices of other medicines in the interest of consumers," he said.

The Labour Party criticised the government for doing too little after so many years of staring the problem in the face.

The party's spokesmen on social policy and health, Michael Farrugia and Anthony Zammit, said the government was not credible when it announced that it was finally taking action on the price of medicines.

Complaints about the exorbitant price of some prescription drugs have been made for years. A study by the government showed that the 2008 price of about three quarters of the medicines analysed were above the EU average.

The government promised to take effective action in this year's Budget, even by introducing a voluntary price reduction mechanism.

The turning point came when recently Dr Said warned that the government would intervene and import medicines directly unless prices were lowered.