Independent Senator Andrew Niles has backed plans to modernise the pharmaceutical regulatory system but has called for greater transparency on the cost of the overhaul, warning that the ambitious reforms will require significant public investment.

Senator Niles was speaking during debate on the Barbados Medical Products Bill in the Senate on Wednesday, where he described the bill to establish the Barbados Medical Products Authority (BMPA), as a positive step forward but raised important questions about financing.

“The bill is absolutely fantastic. I can’t fault it,” he said. “I really would love to see a profit and loss statement, a balance sheet and a cash flow statement as it relates to this entire transformation of the medical pharmaceutical component of this country.”