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Philippines New Cheaper Drugs Law Not Expected To Lower Prices Soon

This article was originally published in PharmAsia News

Executive Summary

The Philippines' new Universally Accessible Cheaper and Quality Medicines Act is not expected to lead to lower drug prices immediately because of foreign competition. The head of the Drugstore Association of the Philippines said an anticipated 50 percent in drop of drug prices in the country is unlikely to happen soon because multinational pharmaceutical companies are likely to step up promotion of their own drugs, competing heavily against cheaper imported drugs. She said the country's appreciation for generic drugs is a relatively new concept in the Philippines. The Pharmaceutical and Healthcare Association of the Philippines also expects the lowering of drug prices to be a gradual process. (Click here for more
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