Malaysian authorities approve the introduction of IRP
Earlier this month, the Malaysian Ministry of Health has approved the introduction of international reference pricing (IRP) to benchmark medicines prices and ‘expand access to expensive new medicines’.
A ceiling price will be derived from the average of the three lowest prices among reference countries which will then be imposed at two points: at wholesale level and retail level in clinics, pharmacies, and hospitals. The countries that will be referenced are yet to be defined.
This new price control regulation, which will come into force in phases, will go through another round of consultations with the pharmaceutical industry and be formalised in the official Gazette.
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By Joao B Ataide – Consultant & Shivani Shah – Business Analyst