Philippines President Rodrigo Duterte on Monday signed an executive order placing a cap on retail prices for 133 medicines, including those for hypertension, diabetes, cardiovascular disease and some types of cancer, reported Business World.
The executive order sets maximum retail and wholesale prices for certain drugs, particularly those that "address the health priorities of the general public, especially those that account for the leading causes of morbidity and mortality."
Affected products include the breast cancer drug trastuzumab emtansine, the diabetes treatments metformin and sitagliptin, as well as the depression therapy vortioxetine and the opiate analgesic oxycodone.
PHAP, which has opposed price control, noted that "global experience had shown that artificial measures result in market inefficiencies and lack of supply."
"If reasonable profits are not realized, pharmaceutical companies would review the sustainability of its operations in the Philippines, including the possible downsizing in the number of employees," PHAP said.
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