€8,000 cancer medication price slashed by 77% after ministry intervention

A market intervention from the ministry for consumer protection has revealed that a cancer drug retailed in a phial, was being sold for almost eight times its retail value at around €8,000.

The intervention was warranted by a market alert that came the way of the ministry from the Malta Community Chest Fund, which regularly finances costly cancer medication for patients who seek out its help.

The ministry for inclusion, voluntary organisations and consumer rights launched a market inspection through the Malta Competition and Consumer Affairs Authority (MCCAA) to investigate the price of the cancer medication.

In around eight EU member states, the phial was retailing at between €1,200 and €1,700. The authority even contacted the cancer drug’s manufacturer, to inquire about the price being retailed.

Minister Julia Farrugia-Portelli confirmed with MaltaToday that MCCAA questioned the importer, in a bid to clarify reasoning behind this exorbitant price.

“It is unacceptable that such an abusive price was being charged. The price of what was an €8,000 phial was then knocked down to €1,800 after discussions between our market experts and the importer – that mark-up was simply galling. Through dialogue, Community Chest Fund could proceed with the procurement of the medicine for the patients concerned at the regular price.”

Farrugia-Portelli said her ministry will stay vigilant on matters that concern consumer protection in drug prices. “We cannot dictate what the private sector can charge on the market, but there must also be a social conscience on pricing matters. Our intervention in such cases matter – we are keeping an eye on such sectors especially during these trying times where price inflation can hurt.”