Villar proposes creation of price monitoring agency for medicines

MANILA, Philippines – Senator Manny Villar on Thursday proposed the creation of a new agency to monitor prices of medicine as part of possible amendments to Republic Act 9502 or the Cheaper Medicine Law as a result of the meeting of the Quality Affordable Medicines Oversight Committee which he heads.

Villar said he would propose that a price regulatory board be created to monitor the price of medicines, noting that the Department of Health has failed in this task.

“Why hasn’t the DOH monitored this? Lower cost of medicines is a big deal especially among the poor. The issue should be addressed,” Villar told reporters in a chance interview after the committee hearing that was attended by representatives from the Department of Health, the Department of Trade and Industry, and drug manufacturers in the country.

During the hearing, it was found out that a large pharmacy, whose name was not disclosed, was earning almost a 30-percent profit on some medicines.

Villar said this was an indication that there were defects in the implementation of the law.

Villar said, however, that they would have to study under which government agency the monitoring body would be put under, adding that they are considering the Office of the President.

In the meantime, Villar said that the DOH could widen the coverage of the law from its current 27 medicines.

“Palawakin na rin ng DOH yung coverage ng cheaper medicine law [The DOH should widen the coverage of the cheaper medicine law]. Hindi na kailangan ng batas para dyan [We don’t need a law for that],” he added.