Published: February 2023
On February 5, Ministerial Resolution No. 58 of 2023 was issued in the Kuwait Gazette regarding pricing of Pharmaceutical Products and Health Supplements (“Resolution 58/2023”).
Resolution 58/2023 stipulates the profit allowed for the sale of medicines, pharmaceutical products and food supplements traded in the State of Kuwait shall not exceed 40% of the import costs to the State of Kuwait whether imported by land, air or sea.
Resolution 58/2023 is effective from 1 April 2023.
What is New?
Resolution 58/2023 repeals the previous Ministerial Resolution No. 42 for the year 2013 which previously mandated the profit allowed for the sale of medicines, pharmaceutical products and food supplements traded in the State of Kuwait to not exceed 45% of the import costs to the State of Kuwait.
What Does this Mean for Healthcare Operators?
Resolution 58/2023 stipulates that profit ratio shall be distributed equally between the local agent and the pharmacy. This percentage shall include all administrative expenses incurred by each.
How Al Tamimi & Company can help?
Al Tamimi & Company would be delighted to provide more information about this development, or support your entity in adapting to the new regulatory framework. Please let Al Tamimi know if they can assist by contacting healthcare@tamimi.com or by contacting one of the authors of this alert.
Key Contacts
Christina Sochacki
Senior Counsel
c.sochacki@tamimi.com
Lulwa Al Hammad
Senior Associate
l.alhammad@tamimi.com