KUALA LUMPUR, March 24 -- Bank Negara Malaysia (BNM) has called for stronger price transparency measures in private healthcare to help curb rising medical costs and protect consumers.

In the central bank's latest Annual Report 2024, it highlighted five key strategic thrusts, with the first focusing on improving transparency in medical pricing.

"Initiatives under this pillar include the display of retail prices for drugs and the publication of price ranges for common healthcare services," BNM stated in the report.

This would allow both patients and insurers to compare costs across different providers, encouraging competition and preventing excessive charges.

The practice is not currently required, but the Health Ministry will begin to ...