Member companies of the Bahamas Pharmaceutical Association closed their doors on November 1st in response to the government’s new price control initiative.
President of the association, Shantia McBride, spoke to ZNS News articulating the position of her organization on the price control issue. She said, “first would be a VAT holiday cause as we know removing the VAT would bring the greatest decrease in pricing to the public. So by removing VAT we would then get a better economic relief in this short period of time. We then ask for us to remain where we’re at which is 25% for wholesalers and 50% for retailers. During this time we would now sit with the government and find ways in which through the categories or though different means how we could continue this economic relief beyond three months.”
McBride contends that it was in the best interest of pharmacies to close because they were not prepared for enforcement of the new prices on November 1st. She adds that their action is in the interest of the country for full economic relief beyond two or three months.
