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07 September 2022, 12:39

Belarus government to tighten price controls for medications

MINSK, 7 September (BelTA) – Belarus will transition to reference pricing for medications. Belarusian Antimonopoly Regulation and Trade Minister Aleksei Bogdanov made the statement on 7 September on the sidelines of an international conference dedicated to the 30th anniversary of antimonopoly regulation in Belarus, BelTA has learned.

Aleksei Bogdanov said: “Free competition and the observance of antimonopolistic practices are important for any state. But in complicated times one has to resort to tougher price regulations. The measures can vary. We actively use them in our country but we believe that these are temporary measures. It is better to fix a situation with economic methods instead of permanent price controls because price regulations may negatively affect the economy of manufacturers or importers. This is why approaches have to be balanced.”

Price controls for goods of social importance are in effect in Belarus. “We regulate prices for ‘must-have' foods and essential medications. By the end of the year we will transition to a new principle for regulating [prices] for medications – we are going to use reference pricing. This principle works in Russia. We will approach the matter very carefully because the availability of goods on shop shelves, the availability of the necessary medications in our retail come first,” the official said.

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