The Philippines passed a new medical bill that would give power to the government to decide the maximum retail price of drugs. It would also help in the health industry’s growth in the country.
As per the news published by Bayanihan, the Philippines House of Representatives passed on the third and final reading House Bill 2844 on December 18, 2007. The bill is also known as Cheaper Medical Bill. This bill is passed in the wake of spiraling medicine cost in the country.
The bill has a provision for the establishment of the drug price regulatory board. The drug price board will empower the government to determine the maximum retail price of drugs and other pharmaceutical products according to price regulation.
The Senate version has given power to the President and the Secretary of Health President to impose restrictions on drug prices at the time of calamity, public health emergencies, and events that contribute to unnecessary rise in drug prices. It also authorizes authorities to stop the prevalence of illegal price manipulation.
However, the industry experts have said that import of drugs would make country dependent on big pharmaceutical firms. To reduce its dependency on big firms and to control the drug prices, the government should start producing medicines domestically.
The amendment in the Pharmacy law has made easier to sell non-prescription drugs to people in bottles, containers and in small quantities at supermarkets, convenience stores and local retail stores. However, the drugs need to be duly licensed by Bureau of Food and Drug. Moreover, Bureau of Food and Drug may distribute medicines and over-the-counter drugs now.
The lawmakers have also given approval to amendment to the Generics Law. The amendment would restrict physicians from prescribing their preferred brands to patients except in cases in which that particular drug is mandatory.
Roxas, an investment banker and former trade secretary, has strongly opposed the idea of the establishment of price regulatory board as it is against the spirit of free enterprise and might become a cause of lobbying and manipulation, reported INQUIRER.
A Senior Research Analyst at RNCOS said, “The pharmaceutical industry of the Philippines is now knows as a very big industry. But it’s growing rapidly as the government is determined to take every possible step to increase growth of the industry so that poor people can also afford expensive drugs. It will also add to the overall earning of the country as more and more people will spend on their health and fitness due to rising affordability of medicines.”
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