Combating drug price hike effectively

The prices of life-saving medicines have once again risen in the market, triggering a fresh wave of largely unregulated hikes. Even more troubling is the wide variation in prices between pharmacies, which highlights the absence of effective monitoring and enforcement.

Reports indicate that the prices of many medicines have increased by up to 30 per cent. Pharmaceutical companies continue to raise prices under various pretexts, often citing the appreciation of the dollar and rising import costs of raw materials. Over the past two years, the prices of more than 200 medicines have reportedly gone up, adding to the overall medical expenses of citizens and placing an unbearable burden on low- and middle-income families.

This situation is particularly alarming for patients suffering from non-communicable diseases such as heart disease, diabetes, hypertension, and kidney ailments, who must rely on medicines throughout the year. For them, even a small increase in prices translates into long-term financial strain and, in many cases, interrupted treatment.

Experts point out that aggressive marketing practices and the culture of commissions in the professional sector also contribute significantly to inflated medicine prices. Newspaper reports suggest that nearly 29 per cent of total medicine expenditure goes to this sector, a cost ultimately borne by patients. Although the government has recently expanded the list of essential medicines and announced price controls, enforcement remains weak.

The core problem lies in regulatory loopholes. In many countries, independent authorities determine and regularly review medicine prices. In Bangladesh, however, this responsibility rests solely with the drug administration, without a dedicated pricing body. This gap allows companies to exploit the system.

It is therefore essential to strengthen legal frameworks, ensure strict monitoring, and empower the drug administration to set and enforce reasonable prices. Only then can affordable access to medicines be guaranteed.

MD. Noor Hamza Peash

LL.B. Student, World University of Bangladesh