MANILA, Philippines - The prices of 97 medicine and medical devices were slashed by 50 percent effective yesterday, the Department of Health (DOH) announced.
Health Secretary Esperanza Cabral said this is the second batch of drugs that implemented the voluntary price cut under the Government-Mediated Access Price (GMAP), a component of the Cheaper Medicine Act.
She said the DOH would dispatch inspection teams to monitor compliance in drug outlets. Violators of the price reduction will be fined P50 million.
“We remind all drug stores that the new prices (took effect yesterday). Those who will not comply will face fine and closure of their drug stores,” she said.
The products come from 11 pharmaceutical companies that supported the voluntary price reduction of commonly used medications.
These drugs are: anti-hypercholesterolemia, anti-hypertensive, anti-depressant, anti-psychotic, anti-cancer, anti-coagulant, antibiotic, as well as medication for bladder and prostate disorders.
This is the second batch of drugs on which the price cut was implemented. The first price cut, covering 43 drugs, was implemented last September.
The DOH estimates consumer savings from the price cuts to reach P1 billion annually.
Cabral said they will conduct a study to determine if the public benefits from the price reduction.
Aside from the GMAP, the law also gives the DOH power to set a maximum drug retail price (MDRP) for commonly used drugs.