Gopee-Scoon: Drug prices to be monitored

Minister of Trade and Foreign Affairs Paula Gopee-Scoon said the Division of Consumer Affairs is developing a new programme to help consumers monitor the prices of pharmaceutical items and will start in July.

Gopee-Scoon was speaking in the Senate in debate on the Gaming and Betting Bill on Monday.

She was responding to a question from Opposition Senator Wade Mark about the merger of Agostini Ltd and two other pharmaceutical companies and measures to safeguard against the company’s ability to increase the prices of pharmaceuticals.

“As it relates to arbitrary price increases due to the merger, the Trinidad and Tobago Fair Trading Commission (TTFTC) is empowered to investigate any such allegations to determine if this is as a result of an abuse or monopoly of power or through other anti-competitive means.”

She said the TTFTC will continue to be vigilant over anti-competitive activities.

“The government remains concerned about any potential increase in the price in products, including pharmaceuticals.”

She said while she is not aware of price-gouging in the industry, if it is happening the TTFTC will investigate any anti-competitive activities, especially as it relates to pharmaceuticals, after the merger.