The Philippine government has announced a new round of price cuts on 97 medicines that officials say will translate to at least 1 billion pesos (US$21.74 million) in yearly savings for Filipinos.
Officials say next to affluent Japan, cash-strapped Philippines has Asia’s second most costly medicines, with some drugs priced 5 to 45 times higher than the same medicines sold in India or Pakistan. The price cuts on drugs for cancer, asthma, kidney problems and other illnesses range from 14 to 72 percent.
Most of the price cuts will take effect on March 31, while others will be implemented from March 1 to August 1 this year. Last year, the government implemented price reductions on more than 100 other drugs.
