A "make or break" meeting between the government and importers will be held today to find a solution to the exorbitant prices of some prescription drugs.

At the meeting, importers and stakeholders in the medicine industry are expected to make proposals to reduce prices and remedy the situation.

"The government expects stakeholders to come forward with proposals for a viable solution. Should the government feel there is basis for such a solution, then it would be ready to discuss further," a spokesman for the Consumer Affairs Parliamentary Secretariat said.

"However, should the stakeholders fail to make any proposals, then the government would be ready to make its way forward. The government will consider introducing mandatory pricing of medicines or take other legal measures that will help to reach the stated goal, that is, the lowering of medicine prices in the interests of consumers," he said.

This is not the first time the government has warned it would step in to solve the "unacceptable situation".

In the 2010 Budget, the government announced that medicine prices found to be too high would have to be cut and the voluntary price reduction mechanism would become mandatory unless a solution was found.

Medicine importers reacted negatively saying they would not accept such an imposition.

But consumers have been complaining about exorbitant medicine prices which are often found to be much lower abroad. The trend has even affected inflation statistics and official reports.

A government study found that, on average, the Maltese were paying 40 per cent more than EU counterparts on medicines.

In 2006, the government had set up a working committee on the pricing of medicines. A scheme was devised but, between 2007 and 2008, just 60 products became cheaper. The system agreed upon was voluntary.

A study conducted by the government since January has shown that the price of about three quarters of the 208 medicines analysed were above the EU average.

Over the past months, the government warned traders it was prepared to start importing medicines if steep prices persisted. However, so far, no concrete action was taken.