FTC to probe pharmaceutical sector concerns

The Fair Trading Commission has said it will be examining recent concerns about competition and regulatory practices in the pharmaceutical sector that have been expressed in the public domain.

In a release on December 13, the commission said the concerns had raised critical issues which may require further examination.

The statement comes after pharmacist and president of the Private Pharmacy Retail Business Association Glenwayne Suchit said special import permits were granted to "certain people" to bring in medication, and one company had control of 75 per cent of the pharmaceuticals in the country. He was speaking at the Leader of the Opposition's Town Hall Meeting in St Joseph on December 9.

According to the Fair Trading Act, an enterprise is considered to have monopoly power if it controls at least 40 per cent of a particular market.

The commission said it is a regulatory authority mandated to promote, protect and maintain fair competition in the TT economy.

It said it remains committed to working together with key stakeholders in order to ensure a fair and competitive local pharmaceutical industry.

"The commission’s commitment to fostering a competitive pharmaceutical industry has been demonstrated through recent advocacy efforts with key stakeholders in the local health sector, including the pharmaceutical sector with an emphasis on identifying and addressing anti-competitive issues," the statement said.

The organisation said while it acknowledges some of the issues affecting the pharmaceutical sector fall outside of its direct purview, it remains dedicated to collaborating with key stakeholders to resolve systemic issues in the sector to increase market efficiency and transparency.

"Enterprises are encouraged to report anti-competitive practices such as cartels, abuses of monopolies and anti-competitive agreements to the commission if they are aware of or have reasonable grounds to believe that other enterprise(s) are engaging in such behaviour. Any information provided to the commission will be treated as confidential."

The commission can be contacted via telephone at (868) 623-2931 ext. 2202/2209/221; its hotline: (868) 765-9939; email: tandtftc@gmail.com; and website: www.tandtftc.org.