In a recent Gazette announcement, the Ministry of Health revised the maximum retail price for sixty (60) different categories of medications, including paracetamol.
The prices of medicines have been decreased by 16% with effect from June 26, 2023, according to the Gazette published yesterday.
The Medicines (Ceiling on Prices) Regulations of 2019 and last amended in 2022 state that a manufacturer or importer who sells any Scheduled Medicine at a Maximum Retail Price as specified in the Schedule to those regulations shall not sell such medicine at a price greater than the Maximum Retail Price specified in the Schedule to those regulations.
Manufacturers and importers must reduce the revised retail price of any Scheduled Medicine they sell by a total of sixteen percent (16%) if it is less than the Maximum Retail Price outlined in the Schedule to the Medicines (Ceiling on Prices) Regulations of 2019 and most recently amended in 2022.
The price of the Scheduled Medicines must be maintained at the maximum retail price or revised retail price, whichever is less, by every trader, distributor, pharmacist, medical practitioner, dentist, veterinary surgeon, medical institution, including a private medical institution, pharmacy, or person who or which is in possession of the Scheduled Medicines for the purpose of sale.
