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Sunday, September 07, 2003
Drug companies slash medicine prices by half
By Miko Santos
SELECTED basic medicines are now more affordable after local drug manufacturers agreed to cut prices by as much as 50 percent.
The National Price Coordinating Council said the prices of vital and basic drugs, such as paracetamol, antibiotics and intravenous fluids, would be reduced by at least half.
The Department of Health, a member of NPCC, said the reduction in the prices of medicines was in line with its "Gamot na Mabisa Abot Kaya" program, which aims to promote cheap generic drugs for the masses.
Trade and Industry Secretary Manuel Roxas II welcomed the drug manufacturers' move, saying it was a step toward corporate social responsibility among the business community.
"This will greatly augment our parallel drug importation program which is presently helping many of our less fortunate fellow Filipinos," he said in a statement.
The DTI said drug manufacturers who pledged to lower their medicine prices belong to the following groups: Philippine Pharmaceutical Manufacturing Inc., Philippine Pharmaceutical Manufacturing Association, Association of Drug Industries of the Philippines and the Chamber of Filipino Drug Manufacturers.
The reduction in the prices of local medicines, including generics, is expected to complement the country's bid before the World Trade Organization to be granted access to generic versions of expensive foreign drugs.
Roxas, who is currently in Cambodia for the Association of Southeast Asian Nations Economic Ministers Meeting, will represent the country in the forthcoming 5th Ministerial Conference of the World Trade Organization from Sept. 10-14 in Cancun, Mexico.
(September 7, 2003 issue)
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