PhAMA teams up with govt on cost-benefit healthcare analysis

by S BIRRUNTHA / pic by MUHD AMIN NAHARUL

THE healthcare industry is partnering the government to undertake a comprehensive and inclusive cost-benefit analysis (CBA) study on the healthcare ecosystem in Malaysia.

The Pharmaceutical Association of Malaysia (PhAMA) said the study is aimed to contribute to the government’s initiative in reforming investment policy.

“It will help the government understand the current healthcare landscape, the contributions of various healthcare affiliates to innovation, social and economic sectors, as well as develop conducive healthcare policies under the concept of shared prosperity with the goal of improving health and wellbeing of Malaysians while revitalising the economy.

“PhAMA and related partners from the healthcare industry announced its full support for the government’s reform agenda in enhancing the investment climate and developing an enabling environment for healthcare,” it said in a statement recently.

The association noted that this was in response to the Cabinet’s announcement of the National Investment Aspirations on April 21, to revitalise the nation’s investment climate to attract high-quality investment and create high-income jobs in a post-Covid era.

Despite the pandemic, it said the healthcare sector remains resilient and continues to grow and support the country’s economy and wellbeing of the people.

According to PhAMA, the findings of the CBA study are set to provide a credible reference point for the government to also effectively evaluate the policy on medicine price control and determine the next steps in strengthening and sustaining the country’s healthcare system.

It also noted that globally, the Covid-19 pandemic has put tremendous pressure on public healthcare resources.

“Therefore, it is encouraging to see efforts in ensuring a constructive policy to spur the growth of the healthcare industry.

“PhAMA has committed to financially support the first-ever industry-wide CBA study with other industry partners on the impact of healthcare policies on the entire healthcare ecosystem,” it said.

Additionally, PhAMA said this partnership demonstrates the public and private partnerships where together the collaboration is set to enhance healthcare policies based on data and evidence, which is a key component to support economic recovery and growth in Malaysia.

It also added that a multi-sectoral task force comprising government agencies and industry representatives is currently in discussion.

Previously, Prime Minister (PM) Tan Sri Muhyiddin Yassin had said at the “YAB Perdana Menteri (PM) Engagement Session with Industry Members” held on April 15, that a study on the proposed pricing mechanism of medicines must be conducted before any decision is contemplated.

PhAMA applauded the International Trade and Industry Ministry, the Health Ministry and the Malaysia Productivity Corp for leading the CBA initiative, which looks at improving the healthcare system in the country and ultimately benefit all Malaysians.

“PhAMA and our industry partners believe this CBA will be a leading-edge study that would set the path for any new healthcare policies in the future,” it said.