The Philippines, compared to it's neighbor countries has the highest drug prices in Asia next to Japan. Medicines are priced way too high beyond the reach of
ordinary Filipinos so much so that many patients die, not because medicines are unavailable but primarily patients cannot afford to buy them. This high cost is due to an unregulated free-market forces that
wreak havoc on the country’s healthcare system.
Indeed, compared to the demand side, the supply side — the
pharmaceutical industry — is so dominant that it can dictate whatever price it
wants. Corollary to this, patients are often prescribed medically inappropriate, ineffective and economically
inefficient drugs. One major challenge of the country's health system is to ensure that all citizens of the country have access to essential, life-saving medicine and rational drug use.