Drug firms propose alternative to draft price controls in the Philippines

One month after the Philippines health authorities recommended capping retail prices of 120 needed drugs that are more costly in the archipelago nation than on average elsewhere, major pharmaceutical companies are in talks to reduce prices on some drugs voluntarily. In a statement in late October, the Pharmaceutical and Healthcare Association of the Philippines said more than 18 multinational drug companies are considering lowering prices on drugs for diabetes, hypertension, cardiovascular, lung and neonatal diseases and major cancers, among others. The proposal by the pharmaceutical firms is designed to be an alternative to the proposed government price controls, which could mandate a price drop of 56%, on average.