'With dominant market power, they not only stifle innovation and entrepreneurial but also can lead to price gouging and deteriorating quality,' - Lee Heng Guie
Fomena, the privatised company whose task it is to ‘’monitor and supervise” medical tests for foreign workers.
Some have argued that monopolies were acceptable in sectors that involve huge investment costs and have strategic purposes, and instance whereby private investors are too risk averse to venture. The government can formulate a legal framework or competition policy or anti-trust act to curb and regulate monopolies to protect consumers’ interest. These can be affected through price capping – limiting price increases; regulation of mergers; breaking up monopolies through a removal of barriers of entry , investigations into cartels and unfair practices, punishing anti-competitive practices and nationalisation.
The government must ensure that the legislation and regulations, policies, practices and procedures are highly transparent and predictable, providing uncertainty to domestic stakeholders and foreign investors’ confidence that the rules will not flip-flop and indiscriminately changed.
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