National

Price Control Changes Threatening Our Survival

NASSAU, BAHAMAS – The shut-down of private pharmacies across the country is in direct response to the government’s decision to a price cap on medications.

Published

2 years ago

November 1, 2022

Jameelha Missick

NASSAU, BAHAMAS – The shut-down of private pharmacies across the country is in direct response to the government’s decision to a price cap on medications.

At the heart of the dispute is pharmacists’ claim that they were not given enough time to adjust prices.

President of The Bahamas Pharmaceutical Association, Shantia McBride says when the BPA met with Economic Affairs Minister Michael Halkitis they were under the impression that consultation had begun.

Two days later they were told the government would be enforcing changes to the price control list starting November 1. The BPA president says it simply was not enough time.

She says they closed their doors not to be in breach of the law.

In his national address on October 11, Prime Minister Philip Davis announced changes to price control items, including the reduction of the profit margin on price-controlled drugs.

According to the BPA, the list of products impacted by the government’s price control amendment represents some 60-70 percent of the revenue generated by local pharmacies and pharmaceutical wholesalers and is threatening their ability to survive in an already challenging business environment.

The BPA submitted a proposal for changes to the price control list.

McBride says they’re still awaiting a response that their recommendations have been received.

Minister of Economic Affairs, Michael Halkitis confirming to reporters that they got the BPA’s letter of recommendations on Thursday and were in the midst of analyzing them and preparing a response.

He also insists the move by pharmacies to close their doors was unexpected.

One of the BPA’s immediate recommendations is the removal of value added tax on medication.

As for ironing out the issue and reopening their doors?

The president says if there’s no meeting today, they will go back to the drawing board to strategize on the way forward.