Price freeze on medicines pushed

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The European Chamber of Commerce of the Philippines (ECCP) has recommended the imposition of a temporary price freeze on medicines covered by the maximum drug retail price (MDRP).

ECCP in a statement said it recommends that the implementation of Executive Order (EO) No. 104 lowering prices of some medicines should be rescinded.

The group said the price freeze can be invoked as the country is in a public health emergency.

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EO 104 or Improving Access to Healthcare through the Regulation of Prices in the Retail of Drugs and Medicines took effect May 18.

It lowers the prices of 135 medicines by 45 to 55 percent of their current prices. These include hypertension, diabetes, anti-asthma, anti- coagulant, anti-depressant, and anti-viral medicines.

Pharmaceutical companies have asked for a review of the EO in view of the new coronavirus disease 2019 (COVID-19) pandemic which had raised the cost of medicines globally.

The ECCP supports the industry’s plea for government to expand its pooled procurement and multi-year contracts to increase volume of healthcare products as a way of increasing availability of medicines at reasonable prices.

The group also urged government to institutionalize price negotiation based on sound review of medicine prices and economic viability of reduced prices of pharmaceutical products.

ECCP said to help healthcare companies cope with the repercussions brought about by the pandemic, “we urge the Philippine government to explore sustainable approaches to improving access to medicines and medical equipment.”

It said pharmaceutical and medical devices companies have to be provided with real data and forecasts on the product demand that needs to be met in the coming months.

“We recommend the establishment of guidelines on the entry, use, and dispensing of medicines and medical equipment. In connection with this, we prescribe the implementation of a set of procurement guidelines that adapts to the ongoing health crisis, allowing for the expedited channel in purchasing and acquiring diagnostics and medicines used to treat COVID-19,” ECCP said.

The group underscored the increasingly important role that research-based pharmaceutical and medical device companies play to help address the COVID-19 pandemic.

“We call for the implementation of mechanisms that help drive the growth of the healthcare industry in the Philippines, among which policies that support and incentivize innovation, as well as encourage public-private partnership,” ECCP said.

ECCP noted the need to create a business environment that is conducive to research, development, and innovation, resulting in the improved capacity of the Philippine healthcare system.

“Ultimately, the effective implementation of such policies will help build the country’s resilience to the current and emerging public health threats,” it said. (I. Isip)

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