My latest paper, "Unintentional predatory pricing via government price control" (August 4, 2009) was reported in the Manila Times. The reporter, Ms. Ira Karen Apanay, was there during the "Health Forum" that day.
Wednesday, August 05, 2009
Generic-drug makers see drop in revenue
THE revenue of the local producers of generic drugs would be greatly affected once the government implements the Cheaper Medicines law on August 15.
Bienvenido Oplas Jr., president of the Minimal Government Thinkers Inc., said the local pharmaceutical companies would have to adjust their current selling prices of generic medicines once the multinational pharmaceutical companies slash their medicine’s prices into half in compliance with the law.
Oplas explained that the local pharmaceutical companies could still bring down their prices up to 50 percent, but they may have to lay off some of their medical representatives, “or they will shut down.”
The Cheaper Medicines Act of 2008 requires pharmaceutical companies to comply with the government’s own pricelist, to be sure that the poor and middle-income earners can afford the medicines being sold in pharmacies.
Oplas said the local companies will be forced to reduce again their present selling price to be competitive.
Willy Fabroa, public relations officer for the Philippine Chamber of Pharmaceutical Industries, said the local pharmaceutical companies currently produce more than 200 molecules, which are only equivalent to 500 dosage forms of generic medicines in the country. But the multinational pharmaceutical companies produces more than 600 molecules, which mean that the consumers need to buy branded medicines that the locals cannot produce.
-- Ira Karen Apanay
Then this news report was picked up by Asia Business Daily,
Generic-drug makers see drop in revenue The Manila Times 2009-08-05
THE revenue of the local producers of generic drugs would be greatly affected once the government implements the Cheaper Medicines law on August 15. Bienvenido Oplas Jr., president of the Minimal Government Thinkers Inc., said the local pharmaceutical companies would have to adjust their...