PETALING JAYA: The government is finalising a new policy to make it compulsory for healthcare facilities and community pharmacies to display medicine prices, says the Domestic Trade and Cost of Living Minister, Datuk Armizan Mohd Ali.
"The proposed Medicine Price Transparency Mechanism (MKHU) was presented at the National Action Council on Cost of Living (Naccol) on Oct 3, 2023 and was followed up with the presentation of a Joint Cabinet Memorandum with the Home Affairs Ministry and Health Ministry at the Cabinet Meeting on Jan 8, 2025.
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"Displaying medicine prices lets people compare prices and plan expenses," he said in a statement on Friday (March 14).
Armizan added that the display of medicine prices would be enforced through an Order issued under the Price Control and Anti-Profiteering Act (AKHAP) 2011 (Act 723).
"Section 10 of the AKHAP provides for the Minister's power to require goods or services to be marked with a price, including the form and manner in which the information is to be provided through an order published in the Gazette," said Armizan, adding that the order was seen as being able to curb the country's high medical inflation rate.
"Comparatively, Malaysia's medical inflation rate for 2025 is projected at 15%, higher than the average rate of 10% for Asia Pacific and 11% for the global average.
"We sincerely hope that this order can be enforced as soon as possible and welcome the announcement by the Health Minister that the order for the display of drug prices will come into effect in May this year," Armizan said.
