Colombia on Friday announced to put a cap on the price of 195 pharmaceutical drugs it says is being sold over price in the country.
The technical group of the national price commission of drugs published a list of 195 brands of drugs, all of which have a higher price than 17 comparable countries, El Tiempo reported on Thursday.
The commission, which is comprised of delegates of the Presidency, the Ministry of Health and the Trade Ministry analyzed 240 suspiciously-priced medications that represent 30% of public spending on health.
According to El Tiempo, the report found that 195 were sold more expensive in Colombia than in other countries.
The group thus proposed setting a maximum selling price.
According to El Tiempo, the proposals of these prices is subject to a ten-day consultation period that commences next Friday, when invited pharmaceutical companies can submit their comments on the proposals.
The majority of brands whose prices will be subject to regulation are high-cost drugs used to treat serious illnesses such as cancer, rheumatoid arthritis and degenerative diseases of the nervous system.
Health Minister Alejandro Gaviria said on Thursday that “this is a new era in the regulation of drug prices in this country. The practice of exaggerated prices is finished.”