By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

CONCERNS have been raised about the rising cost of pharmaceuticals. 

Dr Marvin Smith, president of the Bahamas Pharmaceutical Association (BPA), has voiced growing concern over the escalating cost of prescription drugs, which he says is troubling for both pharmacists and consumers.

Speaking to reporters, Dr Smith described the current inflationary environment as “out of control” and revealed that his association is in the final stages of preparing a comprehensive document aimed at addressing the issue. 

“We actually have a paper that we are in its final stages of preparation, that we’re sending to the government that’s going to, we think, provide some reasonable avenues in which the government can both secure the authenticity and effectiveness of medicines from proper sources, but also at a very cost effective rate,” Dr Smith said.

He criticised the pharmaceutical industry’s approach to product security, suggesting it may be a tactic used by major pharmaceutical companies to justify higher prices. 

“The fact of the matter is that a lot of the things that we are trying to do in the name of product security are really just avenues in which Big Pharma is using to push more expensive to users,” Dr Smith asserted.

Addressing concerns about prescription pricing, Dr Smith assured that pharmacies are not engaging in price gouging. 

He explained that high overhead costs contribute to the overall expense of prescription drugs. 

“The fact of the matter is that our overhead is high. You’re bringing in product that you have to buy in bulk, and you don’t know if you’re gonna actually get it sold unless somebody gets sick,” Dr Smith noted. 

He added: “A lot of overhead is there, the security issues, you have to pay professionals, you have to deal with front of store. I can promise you nobody is gouging with charging on this stuff.”

Next week, Dr Smith, on behalf of his association will meet with Price Control officials to discuss the inspection process for pharmaceuticals. 

While acknowledging that many drug prices are regulated, he emphasised the need to address logistical issues. 

“I have a meeting next week on behalf of the association with Price Control. It’s really to talk about not the price issue, because a lot of the products are price controlled, but to talk about some of the logistics around inspections,” Dr Smith explained.

He also highlighted that, despite the challenges, prescription drug costs in the Bahamas remain lower than in many larger neighboring countries, including the United States. 

“When we look at our cost for drugs in this country, they’re extremely, much lower than a lot of our larger neighbors, including the US,” Dr Smith said.

Former Prime Minister Dr. Hubert Minnis has also criticised the high cost of prescription drugs and the addition of VAT. 

In May, he described the situation as a “crisis in the healthcare system”, noting that some patients relying on public healthcare are forced to purchase medications from private pharmacies when government facilities are out of stock.