President Duterte Signs Execurtive Order Placing Price Cap to More Medicines and Drugs
President Rodrigo Duterte has already signed an executive order regulating the prices of more medicines and drugs.
On Tuesday (December 7, 2021), President Duterte has signed Executive Order No. 155 putting price cap on more medicines and drugs used to cure common diseases in the country.
The EO No. 155 would impose price regulation over 34 drug molecules and 71 drug formulas used to form various solutions. Those substances will undergo Maximum Retail Price and Maximum Wholesale Price.
The new measure is urging the manufacturers, distributors, wholesalers, importers, traders, and retailers to display the retail prices. The retail prices shall not exceed the maximum retail price.
The law aims to provide affordable and quality medicines to the public especially during this time of coronavirus pandemic. It also aims to cut the other health –related expenses of the Filipino people.
Here is the list of drug formulas covered by the measure:
- Anti-hypercholesterolemia medicines
- Antihypertensive medicines
- Anti-neoplastic/anti-cancer medicines
- Antiparkinsons drugs
- Drugs for overactive bladders
- Growth hormone inhibitors
- Immunosuppressant drugs
- Iron chelating agents
- Ichthyosis medicines bone metabolism,
- Anti-asthma and chronic obstructive pulmonary disease medicines
- Antidiabetic drugs
The government has also assigned a technical working group that will review the prices of other drug molecules and formulas, which is recommended for the imposition of the new measure.
The Department of Health and the Department of Trade and Industry will review the MRPs and MWPs within six months after the EO has been approved. The monitoring will continue every six months.
Violators will be required to pay P50, 000 fine nor more than P5, 000,000 for the violations.
What can you say about this? Just feel free to leave your comments and reactions to this article.