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The Impact of the Inflation Crisis in Medication Pricing in Asean Countries: A Review

Pharmaceutical products are one of the necessities and cornerstones of the world market, and the pharmaceutical industry is experiencing increased prices which is contributed by the high inflation rate. Inflation pertains to a consistent and slow escalation in retail and market rates of products, goods, and services. In the Philippines, the inflation rate increased by 9.3% in 2019, and the medical fees and services are expected to increase by 10.1%. This uncontrollable inflation rate may be unsustainable in the Philippine healthcare system in the long run. Medications such as insulin and other maintenance medications are expected to increase in price due to the high inflation rate and high cost of production. Major factors of increasing inflation rate are purchasing power of services and goods and demand-pull inflation. Increased inflation in the pharmaceutical industry has severe effects on the healthcare system: hospitals are struggling to set rates, the pharmaceutical market may crash and medications will not be accessible to people living in poverty. Among the ASEAN nations, the Philippine pharmaceutical market sits at 10.1% inflation rate, compared to other members with higher inflation rates such as Indonesia at 13.8%, Malaysia at 13.5%, and Vietnam at 12%. ASEAN countries have shown a negative feedback in inflation rates which is at the threshold level of 7.84%, while the average inflation rate of pharmaceutical inflation in all countries in Asia which averages at 10.7%. The Philippine government aims to reduce the inflation rate by adjusting the interest rates and money reserve requirements and enact a monetary policy by the Bangko Sentral ng Pilipinas. to lessen the consequences of inflation throughout the ASEAN nations, building a stronger commitment mechanism is needed.