38 medicine prices reduced

The prices of 38 medicinal products were cut with immediate effect, following previous reductions to 91 medicines last year, the Parliamentary Secretariat for Consumer Affairs, Chris Said announced yesterday.

Price slashing began on the initiative of Dr Said who is determined to reduce prices to the EU average.

The latest price cuts range between three to 28 per cent and affect medicines used to fight high blood pressure, high cholesterol, heart disease, diabetes and osteoporosis. Other medicines are used by women during their menstrual cycle or by individuals suffering from depression.

According to the secretariat, agreement had already been reached with importers for cheaper rates on a number of other medicines. Their prices will go down automatically in the coming weeks as soon as the present consignments were used up.

The reduced prices for these medicines were established through a mechanism, which has been in operation by the Consumers’ and Competition Division for the past four years. The mechanism established the European average cost, which was then compared to the actual price in Malta. Importers were subsequently asked to bring the price down to that level.

The mechanism used is being revamped in an exercise expected to lead to a 53 per cent increase in the number of products that could be examined and potentially become cheaper.

Further information can be obtained on 2144 6446 Mondays to Fridays between 8 a.m. and 5 p.m. or via e-mail at medicines@gov.mt.