Giving Filipinos greater access to affordable drugs

MANILA, Philippines - Those of us who have been constantly complaining about the high cost of medicine can now look forward to some sort of relief after the maximum retail price (MRP) for essential drugs is fully implemented.

In essence, the MRP for essential drugs mandates pharmaceutical companies to cut by at least 50 percent the prices of medicines for diseases such as hypertension, cancer, infection, diabetes and cholesterol. 

The implementation of the MRP just proves that it is indeed possible to lower the prices of medicine.

“This is a much-awaited development by Filipinos, especially those who shell out huge sums to buy maintenance medicines,” said Tomas Marcelo Agana III, president and chief executive officer of Pharex HealthCorp. 

As the pioneer in generic medicine, Pharex is at the forefront of bringing to Filipinos high-quality, affordable medicine. 

In fact, Agana said that even after the 50-percent reduction mandated by the MRP program to branded medicine, it is still possible to lower the cost without affecting the quality of the drugs.

Proof of this is the low prices of Pharex medicine which, compared to reduced price of branded medicine, are still significantly lower by up to 20 percent.

Even with lower prices, Pharex HealthCorp guarantees that its generic drugs are of the highest quality.

Pharex products undergo bioequivalence testing, which probes into the chemical and physical properties of a drug, including active ingredients, efficacy, tolerability and shelf life, among others.

These tests guarantee that the generic medicine manufactured and distributed by Pharex for public consumption are at par with branded innovator drugs and are consistent with the strict requirements of the Bureau of Food and Drugs (BFAD).

Despite the low prices of Pharex medicine, Agana explained that they continue to look for ways to further bring down the cost. 

One result of such an initiative is Pharex Economix, an advocacy program that leverages on sound economic principles to give Filipinos access to a wider range of premium quality, affordable medicine.

The main economic thrust of Pharex Economix is harnessing the advantage of economies of scale and the power of competition. 

In sourcing materials, for example, Pharex goes directly to the open, global market where it can tap suppliers offering high-quality ingredients at competitive costs.

Unlike multinational companies, it doesn’t pay royalty fees because it is a wholly owned subsidiary of the all-Filipino pharmaceutical giant Pascual Laboratories.

Moreover, being uni-branded, it has less advertising and promotional expenses. Pharex also maintains and strengthens its relationship with leading drugstores so that their products will be accessible nationwide. 

Currently, Pharex HealthCorp markets 34 uni-branded generic medicine in key therapeutic categories, covering diseases such as hypertension, infections, high cholesterol and diabetes, which are among the leading causes of mortality in the country. 

In all its efforts, Pharex HealthCorp continuously aim to make high-quality and affordable medicines within the reach of the masses.