President Piñera unveils benefits of law to reduce medication prices: “It is a response to the wishes and needs of millions of Chilean families
The government initiative, which was published today in the Official Gazette and goes into effect on April 6, allows the National Health System Central Supply Unit (Cenabast) to negotiate the purchase of medications for pharmacies and medical supply stores. This will allow prices for all families to drop by up to 80%. “The main beneficiaries will be older adults, individuals with chronic illnesses and the most vulnerable members of society,” the President announced.
On Wednesday, President Sebastián Piñera unveiled the benefits of a new law that will reduce the sale prices of medications after authorizing pharmacies to purchase them through the Cenabast purchasing system.
“The main beneficiaries will be older adults, individuals with chronic illnesses and the most vulnerable members of society,” the President remarked at a ceremony at La Moneda Palace where he was accompanied by Health Minister Jaime Mañalich.
Under the new law, the prices of medications negotiated by Cenabast could drop up to 80%, which will provide relief to families.
Cenabast will establish a sale price limit for medications that can be purchased in pharmacies through this new mode so that they will be less expensive for members of the public. An advisory board will be created to recommend the maximum retail prices.
“Cenabast will use its muscle to buy at lower prices and will pass those savings on to all Chileans,” the President said.
The law focuses on independent or smaller pharmacies, which will be the first to be subject to the legislation.
“The goal is for Chileans to be able to buy medication at the lowest possible price,” the President said, adding that, “some pharmacies and laboratories have been abusing Chilean consumers for too long, and it is time to end those practices.”
The law is part of the National Medication Policy introduced by President Piñera in October. It includes 31 measures for improving the regulation of medications, introducing more competition and decreasing out-of-pocket costs for consumers. More than 50% of the measures announced have been implemented to date.