Philippines joins other developing countries in limiting prices of drugs

The Philippines is to impose price controls on some essential drugs, as the government seeks to reduce the cost of drugs that remain beyond the reach of large swathes of the population. President Gloria Macapagal-Arroyo signed the executive order bringing in maximum retail prices on five key drugs on Monday 27 July. This followed the failure of a number of drug companies, including Pfizer, to cut prices by 50% in line with a new law designed to make them more affordable. The Philippines, a third of whose population lives on less than $1 a day, is the latest …