KUALA LUMPUR: The prices of pharmaceutical drugs are expected to surge by as much as 10 per cent soon.
Malaysian Pharmacists Society (MPS) president Professor Amrahi Buang said this was as drug manufacturers in the United States plan to raise their prices.
He said the public should brace for a five to 10 per cent hike in the costs of these imported medicines, particularly those originating from the US.
He said if the US decides to implement price hikes, it will reverberate globally, impacting Malaysia as well.
"The most crucial ones are the patented ones, the innovators for all types of medicines.
"The foreign exchange challenge for the ringgit is significant, and we should lend our support to the government's initiatives to tackle this," he told the New Straits Times.
Amrahi said it was a known fact that a price increase happens once or twice a year.
However, he said MPS was committed to addressing this issue and notifying the government once the matter is confirmed.
He said the society would also encourage generic drug prescriptions, as all medicines must be registered in Malaysia with the National Pharmaceutical Regulatory Agency.
"Quality, safety, and the effectiveness of products are assured when the industry registers their products in Malaysia," he said.
The NST has sought comments from the Health Ministry regarding this matter.
On Dec 29, 2023, Reuters reported that drugmakers planned to raise prices in the US on more than 500 drugs in early January, according to data analysed by healthcare research firm 3 Axis Advisors.
It was reported that the expected price hikes come as the pharmaceutical industry gears up for the administration of US President Joe Biden to publish significantly discounted prices for 10 high-cost drugs in September and continues to contend with higher inflation and manufacturing costs.