A memorandum of understanding has been signed between the Competition Commission and the Drug Regulatory Authority regarding joint monitoring of the local pharmaceutical market and cartelization, as well as ensuring the availability of essential medicines.
Under this memorandum, the Competition Commission and the Drug Regulatory Authority will share information and data.
The Competition Commission stated that effective monitoring of the pharmaceutical market will be carried out, and agreement has been reached on policy research, data sharing, and capacity building.
The Competition Commission and the Drug Regulatory Authority will develop a framework for effective monitoring of medicine prices and availability. Misleading advertisements of pharmaceutical products will be reviewed, and joint monitoring of cartelization in the pharmaceutical market will be conducted.
CCP Member Salman Amin stated that cooperation is essential to curb misleading online marketing, and joint measures will be taken to ensure the availability of essential medicines.
He added that the pharmaceutical sector directly affects public health, therefore close cooperation between the two institutions is necessary to ensure transparency and fair competition in the medicine market.
On this occasion, DRAP Chief Executive Dr. Obaidullah said that federal regulatory bodies work within their respective domains, but their objectives are shared. Prices in the pharmaceutical sector have been deregulated however, adherence to market principles by pharmaceutical companies and supply related challenges necessitate joint monitoring.
