The Philippine Pharmacists Association has warned that the weaker peso could increase medicine prices because local pharmaceutical production depends heavily on imported materials.
Association executive secretary Dr. Kenny James Merin said approximately 95 percent of pharmaceutical raw materials used in the country come from overseas, according to a News5 report on his November 2 True FM interview.
He also estimated that imports account for half of the packaging materials used by pharmaceutical companies.
Currency weakness makes those inputs more expensive in peso terms, while freight and logistics costs add pressure on directly imported medicines.
Merin said some medicine prices had already increased following an earlier agreement that restrained price adjustments through June.
He warned that manufacturers’ ability to absorb higher costs could also affect supply.
The interview did not establish a uniform price increase across medicines. His warning concerned the industry’s exposure to imported costs and the potential consequences for consumers.