Colombia to regularize prices of medical devices

Columbia’s Ministry of Health & Social Protection has announced new price regulations for medical devices effective 5 March 2015. Medicated coronary stents will be the first device to come under price regulation, followed by cochlear implants, hearing aids and orthopedic devices. The move is expected to result in 36% reduction in prices of medical devices; and USD14 billion worth annual savings for the national health system. The National Commission for Prices of Medicines & Medical Devices has kept all coronary stents on probation; hence, stent manufacturers will have to report the current market prices to the commission.