President Gloria Macapagal-Arroyo is set to sign next week the Executive Order on Maximum Retail Price for 22 essential medicines set by the Department of Health that is expected to drastically bring down their prices nationwide, a Malacañang press release said.
Deputy Presidential Spokesman Undersecretary Lorelei Fajardo said the EO on MRP, which was submitted to the Arroyo by Health Secretary Francisco Duque III last Friday, is for the full implementation of Republic Act 9502 or the Universally Accessible, Cheaper and Quality Medicines Act of 2008.
On July 8, the President directed pharmaceutical firms to trim down prices of 22 important medicines or maintenance drugs within 10 days.
Fajardo denied accusations that Arroyo had conspired with drug companies to delay the implementation of the cheaper medicines law.
Fajardo said the Department of Trade and Industry is ready to revoke the license of drug firms who fail to comply with the deadline set by the President.
On June 6, last year, the President signed into law RA 9502, or the Universally Accessible, Cheaper and Quality Medicines Act of 2008.
Under the new law, any individual or organization registered with the Bureau of Food and Drugs may import medicines and sell them at affordable prices to the public, the Malacañang press release said.*