Cortizo signs decree ordering 30% cut in price of 170 medicines

An Executive Decree ordering a 30% reduction in the price of 170 medicines, was published in the Official Gazette on Wednesday night. President Laurentino Cortizo signed the document after concluding the Cabinet Council meeting in the afternoon.

 “I am pleased to announce to the country that I have signed the Executive Decree that reduces the price of 170 medications by 30%, which will take effect on August 15, 2022, to guarantee medicines at cheaper prices for all Panamanians,” Cortizo said in a Twitter message.

According to the decree, the medicines that appear in the annex to the document must be sold at 30% less than the sale price registered in each pharmacy as of June 30, 2022.

Additionally, special discounts -such as 20% for retirees- will be calculated on the price of the 30% application. The measure will be for six months extendable.

The provisions of the decree will not apply to medicines manufactured by the national industry and to those generic medicines whose price is equal to or less than 60% of the reference medicine as of June 30.