This archive report was first published on 2 December 2019.
On December 2, 2019, the insurance industry was facing a severe financial crisis due to exorbitant doctors' fees, drugs, and check-up costs.
The sector was hemorrhaging cash, with insurers struggling to maintain thin profit margins.
As a solution, insurers proposed that the State implement price controls for essential medical services, as allowed by a 2011 law.
This proposal aimed to regulate medical prices, similar to the legal profession, which has established service price guidelines.
The move was deemed timely and essential in ending the 'wanton greed' that had plagued the sector.
One of the key issues was the disparity in consultation fees charged to patients using insurance cover versus those paying cash.
Doctors were allegedly prescribing expensive original brand drugs over cheaper, equally effective alternatives, after striking deals with pharmaceutical companies.
These practices had turned treatment into a fundraising affair for many families across the country.
As a result, the Health Cabinet Secretary was urged to consult and develop a list of essential services and drugs subject to price controls.
