Full Breakdown
Pharmaceutical Price Stability Amid Global Crisis
4/10/2026, 3:54:54 PM
Current Situation of Medicine Prices in the Philippines
Health Secretary Teodoro “Ted” Herbosa announced that pharmaceutical companies in the Philippines have committed to not increasing medicine prices until June 2023. This assurance comes during a period of heightened concern due to the ongoing crisis in the Middle East, which has raised questions about supply chains and logistics. Herbosa emphasized that there are currently no issues with the supply or pricing of medicines in the country, stating, “There is no problem with [the] supply of medicine. There is no problem with price. We have good inventory.”
However, Herbosa cautioned that once the current three-month inventory runs out in June, prices may rise due to increased shipping costs. He explained that while the medicines do not pass through the Strait of Hormuz, the logistics involved in transporting them via air or sea will incur higher fuel costs, leading to potential price increases.
Regulatory Framework and Monitoring
Herbosa referenced the Cheaper Medicines Act of 2008, which mandates that the Department of Health (DOH), the Department of Trade and Industry, and the Department of Interior and Local Government monitor the prices of commonly used medicines. To prevent price exploitation, he announced plans to closely monitor the pricing of ten essential medicines, including those for hypertension, diabetes, and cholesterol.
Encouraging Local Production
In addition to addressing pricing concerns, Herbosa urged pharmaceutical manufacturers to consider producing medicines locally. He highlighted that local manufacturing could create jobs and reduce costs. “I am also encouraging manufacturers, even the foreign ones, to manufacture here because we are developing as a middle-income country,” he stated. He suggested that importing raw materials in bulk and reformulating them domestically could lower costs significantly, as finished products are often 30-70% more expensive.
Criticism and Opposition
While the current assurances from pharmaceutical companies may provide temporary relief, some critics argue that reliance on foreign suppliers poses long-term risks. They emphasize the need for a more sustainable approach to medicine production in the Philippines to mitigate future price volatility.
Official Statements & Responses
Herbosa's statements reflect a proactive approach to managing medicine prices amid global uncertainties. He has committed to monitoring essential medicines and encouraging local production to enhance the country's pharmaceutical industry.
Verbatim Quotes
- “There is no problem with [the] supply of medicine. There is no problem with price. We have good inventory. Our problem is what happens to the price if the companies abroad start charging for the transport,” — Teodoro Herbosa, Health Secretary
- “They promised not to increase the cost because the medicines don’t pass through the Strait of Hormuz, but they said it’s only until June,” — Teodoro Herbosa, Health Secretary
- “When you buy it as a finished product, it’s more pricey, it’s 30-70% higher but if you repack it here, the profit margin will increase and it will generate jobs for Filipinos,” — Teodoro Herbosa, Health Secretary
This situation underscores the importance of both immediate measures to stabilize prices and long-term strategies to enhance local pharmaceutical production in the Philippines.
