Drug price controls
This is good news for consumers, drugs are too expensive as it is. I hope the government won't stifle innovation though, by imposing price controls that would prevent drug companies from investing on new research. Everyone wants cheap medicines--but we have to remember, the pharmaceutical companies have to make a profit to be viable too.
from the Inquirer:
MANILA, Philippines—The Department of Health (DOH) announced Friday a new round of price reductions for at least 97 types of drugs sold in drug stores and hospital pharmacies. The “voluntary” price reductions, to take effect on March 31, were made by 11 local pharmaceutical companies, according to Health Secretary Esperanza Cabral.
The price cuts, according to Cabral, translate to about P2 billion worth of “consumer savings” on drugs for cancer, diabetes, cholesterol, hypertension, asthma, infectious diseases and on dialysis solutions and medical devices. Drug companies volunteered to reduce prices to avoid government-ordered mandatory price cuts, Cabral said. She commended the companies for reducing their prices by an “average of 50 percent.”More here.
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