The Government of the Maldives has begun evaluating the opinions of businesses on the Maximum Retail Price (MRP) for essential medicine.
The Ministry of Health earlier revealed its decision to place a 100% markup limit on medicine imported and sold in the Maldives.
Maldives Food and Drug Authority (MFDA) stated numerous importers and pharmacy owners have provided their opinions on the ministry's decision and that most of the concerns focused on the rising price of medicine. As such, the authority stated it has begun discussions with regulatory authorities in India to review the price of medicine being imported from the neighbouring country.
Furthermore, MFDA stated it is currently evaluating the opinions of businesses and will make changes to the price of medicine if necessary. The government has published the list of essential medicine and their MRPs for importers and pharmacies to prepare for the changes. MFDA stated the MRP was calculated after taking a 100% markup of the Freight on Board (FOB) on invoices from the past five years.
The health ministry stated the decision to place a 100% markup on medicine was made in accordance with the Health Services Act, which dictates the establishment of a Maximum Retail Price (MRP) on essential medicine.
The MRP is expected to control the price of the medicine that is not included in the national health insurance scheme, control the price of the same types of medicine, and eliminate the sale of medicine in the black market.