Caribbean360: Mark-ups on lifesaving drugs too high

Mark-ups on lifesaving drugs too high
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Chris Hoyos on 17/02/2012 09:26:00
 
BRIDGETOWN, Barbados, Friday February 17, 2012 – Medication costs are too high
in Barbados.
That’s the charge from Minister of Commerce and Trade, Senator Haynesley Benn,
who is calling on retailers to relook the cost of drugs, especially lifesaving
pharmaceuticals, and bring the prices down.
Drugs used to treat arthritis, diabetes, hypertension and heart disease were
among those identified by the senator as attracting markups as high as 132 per
cent. And Mr. Benn is urging the pharmacies across the island to reduce their
costs as soon as possible.
Among the drugs identified by the Senator are Cataflam, Baralgin, Metformin,
Lipitor and Crestor.
“The least mark-up that I have seen between wholesale and retail is 50 per
cent, and I have seen some as high as 125 per cent, 132.6 per cent...,” he
said.
However, the minister issued a stern warning to wholesalers and retailers within
the sector that the Ministry of Commerce will be watching their prices over the
next few months.
“We are going to be watching. We are going to be publishing the information
and if they don’t co-operate by giving us the information, we will get the
information somehow,” he said, vowing to protect consumers.
Mr. Benn suggested that retailers could easily cover their costs including
wages, electricity and water with a 30 to 35 per cent mark-up.
“It is not good. There are people who are depending on these drugs. They
cannot do any better because they want to keep living, but it is exorbitant and
it has to be addressed,” Mr. Benn stated. Click here to receive free news
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