Venezuelan Drug Firms Seek Major Price Hikes

Federfarma, the Venezuelan drug industry federation, has called for for an immediate rise in drug prices of up to 80% and for a development plan enabling the drug market to be liberalized.

Federation president Raul Mejuto and colleagues from both the domestic and international industries have proposed an 80% rise for the cheapest drugs, priced below 1,000 bolivars ($0.27) per pack, with a 60% rise for those sold at below 500 bolivars, 40% for those priced at 1,000-5,000 bolivars, and 20% for those priced above 3,000 bolivars per pack.

Drugs whose prices are now controlled would be reduced, in the medium term, from 3,800 to 500 presentations based on 104 active principles, they propose.