Bill seeks creation of drug price-watch body

MANILA, Philippines - A House bill seeks to make prescription drugs cheaper by setting up a price monitoring body for such items. HB 5083 aims create the Prescription Drug Price Monitoring Commission (PDPMC) to study the cost of prescription pharmaceutical products in industrialized nations. The House of Representatives website said the PDPMC is also mandated to determine the feasibility of establishing in the country a pharmaceutical products price review board. Also, the commission should assess the impact of the price review board in other industrialized countries, such as the US, on how they contain the cost of prescription drugs and the introductory prices of new drugs. The bill, authored by Rep. Narciso Santiago III, said the board should also recommend how such a price review board might operate in the Philippines, including membership of the Board. On the other hand, it should recommend guidelines that might be used by the Board in determining whether prices or price increases for prescription drugs are excessive and whether the introductory prices of new drugs are excessive. Further, the commission should recommend incentives for drug manufacturers to price their products fairly in the Philippines. The bill also provides that the commission be tasked to prepare both annual and special reports. Annual reports should contain reports to Congress, beginning on the third year after the enactment of the law. Special reports should include information and recommendations regarding national and international drug policy issues. The annual reports should likewise include trends and changes in prices for prescription and non-prescription drugs in the country, the trends and changes in prices for prescription drugs in other industrialized nations, such as the US, Canada, Japan, Mexico, and the European countries, the availability and affordability of prescription drugs and the recommendation to make prescription drugs more affordable and cost-effective. Meanwhile, special reports containing other data pertaining to the PDPMC and its undertakings should be submitted to the Committee on Finance of the Philippines Senate, the Committee on Trade and Commerce, and the Committee on Ways and Means of the House of Representatives. - GMANews.TV