Prime Minister Anwar Ibrahim said some popular generic drugs could be sourced from Brazil, India, and China at a generally lower price than those obtained from the US and Europe.

“Drug prices are uncontrolled, and for decades there has been a monopoly (in drug procurement).

“This is why we will cancel several commitments to one or two companies,” he said during the ministers’ question time.

Anwar said the cost of drugs was among the factors behind the rising cost of healthcare.

He said this when responding to Suhaizan Kaiat (PH-Pulai), who had asked what steps the government was taking to address the expected increase of between 40% and 70% in health insurance premiums.

A few days ago, Anwar said medical insurance premiums for the upcoming year had yet to be finalised following reports of the expected increase, which resulted in many policyholders considering the termination of their policies.

It was previously reported that the central bank had called on insurers and takaful operators to review repricing strategies for more “reasonable implementation”.