The absence of price controls in the commodity market has led to a significant surge in medicine prices across the board, raising concerns about increased medical expenses for patients. Pharmaceutical companies attribute the price hikes to factors such as the rising value of the dollar and escalating raw material costs in the international market.

Reports from pharmacies in the capital reveal widespread increases in the prices of various medicines. Fexofenadine, for instance, has risen from Tk 8 to Tk 9 per piece, while Azithromycin now costs Tk 40, up from Tk 35 per piece. Similarly, Montilukast has seen an increase from Tk 16 to Tk 17.50 per piece, and vitamin B1 B6 B12 has jumped from Tk 7 to Tk 10 per piece over two increments.

Talking to Bangladesh Pratidin, Nurul Alam, former deputy director of the Directorate General of Drug Administration, voiced concern over the relentless increase in the prices of life-saving medications, citing hikes ranging from 20 to 66 percent depending on the type. “Currently, Bangladesh boasts 310 drug manufacturing companies, with an estimated drug market worth 30-35 thousand crore taka. While 117 generic drugs in primary healthcare are directly regulated by the Directorate, the remaining prices, including VAT, are determined by pharmaceutical companies and submitted to the Medicines Administration for approval.”

Tarek Mahmood, an employee of a private organization, came to buy medicine at the pharmacy named Lilly Medical Hall in city’s Badda area. He said that the prices of rice, oil, vegetables are increasing. If the price of anything goes up, we cut down on it. I am suffering from high blood pressure. To control it, I have to take medicine regularly as per the doctor's advice. Earlier I used to buy 10 medicines for 80 taka. Now it has to be bought for 100 taka. Income remains the same while expenses continue to rise. If I want to live, I have to buy medicine. How can I reduce this cost?

Director of Bangladesh Chemists and Druggists Association Zakir Hossain Rony told Bangladesh Pratidin, “When customers come to buy medicine, they ask us why the price is high?" But the pharmacy owners did not increase the price, the company increased it. There is nothing we can do if we increase the MRP rate. The drug administration should keep in mind the market and the consumer, among other things, in increasing the price of drugs.”

According to the health economics unit of the health ministry, at present, the individual's own expenditure for treatment in Bangladesh is 68.50 percent. Of this, 64 percent is spent on medicine.

Dr. Md. Anowar Khasru Parvez. Professor Department of Microbiology, Jahangirnagar University told Bangladesh Pratidin, “The prices of essential medicines are increasing in parallel with the increase in daily life essentials. People are not able to run this race. The country's top six companies have hiked the prices of 234 life-saving drugs by 10 to 50 percent.”

“There are complaints that many drugs are being sold in the market at higher prices than the prescribed price. In this case, as an excuse to increase the prices, the companies have said, Russia-Ukraine war, increase in the price of raw materials in the world market, dollar crisis, LC complications, supply problems including increase in gas and electricity prices, increase in packaging, transportation, marketing expenses etc.”

“Many patients will not be able to buy medicine if the price increases suddenly. And if the dose is not completed, it can have serious effects on the body. Drug administration has no initiative to control prices. The list of essential medicines in the country should be enlarged according to the WHO list. The government should increase surveillance to control the price. The rest should be forced to follow the rules in selling. The price of all medicines should be determined on the basis of the formula prescribed by the government.,” he added.

Secretary General of the Pharmaceutical Industry Association SM Shafiuzzaman told Bangladesh Pratidin, “Earlier, the price of opening an LC for the import of pharmaceutical raw materials was 80 taka per dollar. Now the dollar price has reached 120 tk. As per the price policy, the MRP product price is to be determined by checking the financial condition of the market every year. But it has not been done in 20 years.”

“So far, despite the financial loss, the production companies have not objected. The price of raw materials in the international market has also gone up. Now it is difficult for the organization to survive without increasing the price of some medicines. In view of this, some prices of MRP products have increased,” he added.

(The report was published on print and online versions of The Bangladesh Pratidin on March 17 and rewritten in English by Tanvir Raihan)