NASSAU, BAHAMAS — The Bahamas Pharmaceutical Association and the government have reached an agreement that Economic Affairs Minister Michael Halkitis yesterday described as a “win-win” for both sides.
Shantia McBride, the Association’s president said yesterday that the arrangement is a “livable outcome” for local pharmacies which can be sustained beyond the initial three-month period that the government intends to expand the price control regime on medications before review.
McBride thanked the government for coming back to the table with the Association to address their concerns over the Price Control amendments.
Halkitis noted that the government has agreed to a single margin for wholesalers and retailers, with 20 percent for wholesalers and 40 percent for retailers.
“All in all, we think it’s a win-win situation and we look forward to working with the association in the educational processes as we go forward and work with them on long-term strategies to impact the price of drugs on a downward trajectory,” said Halkitis. Halkitis said that the agreed margins would come into effect yesterday afternoon as he also affirmed that the government was not minded to taking Value Added Tax (VAT) off medicines.
Halkitis said that the outcome was even better than what the government had originally envisaged, as it was able to relax a bit on the margins and get additional drugs on the price control list.
Health and Wellness Minister Dr Michael Darville noted that the arrangement will also provide for the addition of cancer and kidney medications to the price control grouping.
“The meeting was extremely successful and we are now in a position where we have come to an agreement we believe will be in the best interest of the Bahamian people while taking into account the retail and wholesale aspect of pharmacies,” said Darville.
He added: “The medications we have on our list reflect the World Health Organization medical list and an auxiliary list that we feel was necessary in order for Bahamians to capitalize on the savings necessary in order for them to have their medications.
Dr Darville noted that there is “an economic need” to keep the cost of medications low.
