Price Controls on 250 Medicines Expected to Save MVR 220 Million in Aasandha Costs
To alleviate rising medical costs for Maldivian citizens, the National Social Protection Agency (NSPA) announced a new price regulation for 250 widely used medicines. This significant measure, set to roll out in stages, will provide financial relief to many while maintaining free medicine access under the Aasandha healthcare scheme. Here’s a look at what’s changing and how it might affect patients.
Phased Implementation to Start in November
NSPA has scheduled the price regulations to take effect gradually. The first phase will begin on November 1, covering 87 medications, with the next phase on November 24, adding 126 more medicines. Patients can still receive these medicines at no cost at STO and participating private pharmacies when using Aasandha.
This phased approach allows pharmacies and suppliers to adjust to the new prices smoothly, aiming to prevent sudden market disruptions while ensuring the availability of regulated medications across the country.
Significant Annual Savings Expected
By enforcing these regulations, the government aims to reduce unnecessary spending on pharmaceuticals by around MVR 220 million each year. This move comes as a relief to both the government and the people, as it eases the burden on national healthcare spending and ensures that medical assistance remains accessible to those in need.
For many Maldivians, who often spend a considerable part of their income on healthcare, this cost control measure is expected to make a significant difference.
Why the Price Control is Necessary
The initiative follows a directive from President Dr. Mohamed Muizzu to tackle the challenge of high medication prices, which, according to World Health Organization (WHO) data, are approximately 70% higher in the Maldives than in other South Asian nations. Despite previous efforts to regulate the market under the Health Services Act, the implementation had been hindered by resistance from the healthcare sector, specifically regarding profit margins.
Until now, pharmacy profit margins on medicines reportedly ranged from 200% to as high as 2,000%. Under the new regulation, these margins are capped at 100%, aligning with Ministry of Health guidelines. This measure is expected to bring medication prices down to more reasonable levels and improve accessibility for patients nationwide.
How This Affects Patients
For patients, there will be no change in the way they obtain medicines under Aasandha. Medications will still be available free of charge through STO pharmacies and registered private pharmacies. However, patients are encouraged to request receipts with every transaction to ensure transparency and proper pricing under the new regulations. Any discrepancies or concerns can be reported directly to NSPA’s Shikaavathi chatline at 7951400 for immediate assistance.
An Essential Step for Better Healthcare Access
This new regulatory effort marks a notable step towards creating a more affordable and accessible healthcare system in the Maldives. By lowering the inflated cost of medicines, the government is helping to ensure that essential treatments remain within reach for all Maldivians, particularly for those who rely heavily on medication for chronic or ongoing health issues.
With the price cap in place, it’s anticipated that more people will find relief from the high cost of healthcare. The Maldives joins other nations in the region that actively regulate medication prices, helping to keep healthcare spending manageable for both the public and the government