KUALA LUMPUR, April 23 — In response to the government’s announcement of the National Investment Aspirations (NIA) on April 21, 2021, to revitalise the nation’s investment climate to attract high-quality investment and create high-income jobs in a post-Covid-19 era, the Pharmaceutical Association of Malaysia (PhAMA) and related partners from the healthcare industry announced today its full support for the government’s reform agenda in enhancing the investment climate and develop enabling environment for health care.
Despite the pandemic, the health care sector remains resilient and continues to grow and support the country’s economy and wellbeing of the rakyat.
To contribute to the government’s initiative in reforming investment policy, the health care industry has recently come together and announced a partnership with the government to undertake a comprehensive and inclusive Cost-Benefit Analysis (CBA) study on the health care ecosystem in Malaysia.
This study will help the government understand the current health care landscape, the contributions of various health care affiliates to innovation, social and economic sectors, as well as develop enabling and conducive health care policies under the concept of shared prosperity with the goal of improving health and wellbeing of Malaysia while revitalising the economy.
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 controls and determine the next steps that will strengthen and sustain the country’s health care system.
Globally, the Covid 19 pandemic has put tremendous pressure on public health care resources. Therefore, it is encouraging to see efforts in ensuring a constructive policy environment continues to spur the growth of the health care industry.
As the leading industry association, PhAMA is committed to financially support the first-ever industry-wide CBA study with other industry partners on the impact of health care policies on the entire health care ecosystem.
This partnership demonstrates the public and private partnerships where we collaborate to enhance health care policies based on data and evidence – a key component to support economic recovery and growth in Malaysia.
A multi-sectoral task force comprising of government agencies and industry representatives is currently in discussion.
Prime Minister Muhyiddin Yassin reiterated at the Engagement Session with Industry Members held on April 15, 2021, that a study on the proposed pricing mechanism of medicines must be conducted before any decision is contemplated.
PhAMA also applauds the Ministry of International Trade and Industries, the Ministry of Health, and the Malaysia Productivity Corporation for taking the lead to champion this CBA initiative that looks to improve the health care system in Malaysia and ultimately benefit all Malaysians.
PhAMA and its industry partners believe the CBA will be a comprehensive study that would set the pathway for any new health care policies in the future.