Medicine Prices Expected To Increase By Up To 5% In The Coming Months
The most affected products would be medicines for cough, fever, and antibiotics.
By May Vin Ang — 27 Jun 2023, 02:44 PM
The price of medicine in Malaysia is expected to increase by up to 5% in the coming months, as the ringgit continues to fall against the US dollar
According to Utusan Malaysia, this is because most medicines, especially for cough, fever, and antibiotics, are imported via transactions made in US dollars.
Malaysian Pharmacists Society president Amrahi Buang told Utusan Malaysia that the weak Malaysian ringgit will affect drug prices in the local market, in addition to international uncertainty such as the war between Russia and Ukraine.
Even if the medicines are manufactured locally, Amrahi said the weak ringgit will also affect the country's ability to purchase raw goods
"The price of medicine depends on the cost price of the active pharmaceutical ingredients needed to manufacture it. In addition to that, the price of pharmaceutical excipients, which are the additional ingredients used in the medicine dosages, is another cost that needs to be included in the price.
"Then, you add the cost of logistics such as sending the medicine to rural areas, especially in Sabah and Sarawak," he was quoted as saying.
He added that the Ministry of Domestic Trade And Consumer Affairs should make plans to stabilise the prices of medicines before the ringgit continues to weaken
The Malaysian Pharmacists Society president has also asked the ministry to look into price control of medicines as it is under their jurisdiction.
According to the Consumer Price Index released by the Department of Statistics Malaysia (DOSM) in May this year, the average price for a 60ml bottle of cough medicine is RM6.75, while a 12-tablet strip of paracetamol costs RM5.16.
The Malaysian ringgit has been depreciating since last year, and even fell to an all-time low of RM4.7 per US dollar in October 2022:
