The Ministry of Finance has announced that President Dr. Mohamed Muizzu’s decision to regulate medicine prices will help alleviate budgetary pressures. The president revealed that he has instructed relevant authorities to implement stringent measures to prevent excessive profits in the sale of medicines.
Although the details of these measures are yet to be disclosed, the president pointed out that some medical drugs are currently sold at profits ranging between 200% and 2000%. He emphasised that these reforms will help reduce Aasandha’s expenditure on medicines, which constitutes a large portion of the healthcare budget.
In an interview with PSM News, Deputy Minister of Finance Ahmed Saeed stated that this initiative will significantly reduce government spending. He highlighted that out of the USD 149.7 million allocated to Aasandha, USD 104 million was spent solely on medicines.
President Muizzu’s decision has been well-received by the public, with many expressing their support for making medicines more affordable. The public has voiced that this is a much-needed change they have long anticipated.