UK Health Secretary: Covid PCR costs can be excessive and exploitative
August 9, 2021, 4:52 am

UK Health Secretary: Covid PCR costs can be excessive and exploitative

Corona test in UK

The BBC reports that UK health secretary has asked the competition watchdog to investigate "excessive" pricing and "exploitative practices" among PCR Covid test firms.

According to the BBC, Sajid Javid said in a letter to the Competition and Markets Authority, it was time for a "rapid high-level" review to protect consumers.

The BBC said holidaymakers have complained of huge prices and poor service from many of the 400-plus firms offering PCR tests.

It added, tests cost about £75 per person on average but prices can reach hundreds.

Mr Javid wrote in his letter to CMA chief executive Andrea Coscelli: "I know that for too many people the cost of PCR testing can act as a barrier, especially for families who want to travel together.

"We have all experienced enormous disruption to our lives over this pandemic but it is not right if some families experience yet further disruption unnecessarily because of potentially unfair practices in the market for private travel tests."

Rather than wait for a long competition investigation, Mr Javid has requested immediate advice from the CMA on how to "stamp out any exploitative behaviour in this market".

The government publishes a list of companies and clinics offering testing but there have been reports that many have not got full accreditation.

There are reports of PCR tests being offered for as little as £20, and more than £500. In addition to complaints about high charges, consumers have also reported not receiving test results or of being sent damaged PCR kits.

Avi Lasarow, chief executive of Covid testing company Prenetics, said the decision to investigate excessive pricing was "long overdue".

"Companies on the government list must be responsible in their pricing strategies," he said.

"The list has been exploited by some testing providers luring in consumers with misleading prices and then offering tests that are up to nine times more expensive."

Mr Lasarow said the "easiest way" to make tests cheaper would be for the government to axe VAT on holiday Covid tests.

"If VAT was removed, a family of four flying from London to Majorca could save £166 - which would pay for the cost of the flights," he said.

A spokesperson for the CMA said that as formal investigations can take a long time, in this instance it will provide advice to Mr Javid with a view to taking swift action.

"We are aware of concerns about the evolving markets for Covid-19 tests for international travellers. We look forward to providing the Secretary of State with advice on how best to ensure that travellers have access to tests that are affordable and reliable," the CMA said.

The government has been under pressure from the travel industry and its own MPs to ditch the costly PCR tests.

Willie Walsh, former boss of British Airways and now director general of the International Air Travel Association, has accused PCR firms of "profiteering".

And last week, Conservative MP Huw Merriman, chairman of the Transport Select Committee, tweeted: "Passengers are being ripped off with expensive PCR tests."

Source: BBC
Image source: REUTERS-BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.