Bringing down the cost of medicine through compulsory licensing

The prices of medicine in the Philippines are higher compared to other countries in Asia and in countries of similar economic status. Some of the factors affecting medicine prices are the cost of research, presence of competition in the market, government regulations, and patent protection.

Medicines with existing patents are expensive due to the ability of pharmaceutical companies to dictate their price. The grant of a patent over such products practically results in a monopoly.