Prices of 97 medicines cut by half starting March 31

MANILA, Philippines - Some 97 medicines will be sold at an average 50% discount beginning March 31 in line with the Cheaper Medicines Law, the Department of Health (DOH) announced Friday.

All drug stores should observe the price adjustments or face fine of up to P5 million, the DOH added.

The medicines whose prices will be reduced include those for cancer, hypertension, bladder and prostate disorders, asthma, depression and psychotic and mental disorders. Prices of some medical equipment and fluids for dialysis will also be cut by half.

Within a month, the DOH said drug stores must dispose of the stock of these medicines which were sold at higher prices.

The Pharmaceutical and Healthcare Association of the Philippines (PHAP), composed of global and Filipino drug companies, said its members have voluntarily reduced prices of several brands of medicines in response to the government's call to give the poor greater access to medicines.

PHAP said the price cuts it implemented were on top of the reductions in 2009, wherein prices of at least 58 compounds covering around 99 brands and over 200 products were lowered by up to 50%.

While it submits to government-mandated price reductions, PHAP has appealed for a review of the policy especially since the price reductions would impact companies' revenues.

The Drugstore Association of the Philippines, meanwhile, said its members would submit to the price cuts, but may not be able to meet the deadline set by the DOH for disposing of old medicines.

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