This site is intended for health professionals only

Published on 29 July 2009

Share this story:
Twitter
LinkedIn

Philippines slashes drug prices

teaser

The pharmaceutical industry has reacted badly to news that Philippine President Gloria Macapagal Arroyo has ordered a 50% price cut on 27 essential medicines.

The move is popular among residents of the islands and comes after pharmaceutical manufacturers led by Pfizer ignored a government appeal to do so voluntarily.

It is hoped that the country’s poor will now have greater access to anti-hypertension and anti-cholesterol drugs, as well as antibiotics.

But Pfizer said in a statement it was disappointed, arguing that many drug firms, including itself, had offered to slash prices by up to half on 22 other drugs but not the 20-plus essential medicines recommended by the country’s Department of Health.

The Pharmaceutical and Healthcare Association of the Philippines, which includes Pfizer, said it believed a reduction could have been achieved through free-market competition, adding: “Price control may deliver short-term benefits but the long-term negative consequences not only on the pharmaceutical industry but on other industries must be considered.”

Copyright Press Association 2009

Pharmaceutical and Healthcare Association of the Philippines



Most read




Latest Issue

Be in the know
Subscribe to Hospital Pharmacy Europe newsletter and magazine
Share this story:
Twitter
LinkedIn