PITC Pharma recently signed a Memorandum of Agreement (MOA) with IPVG and Apollo Plus Distribution to propel the government’s Parallel Drug Import program into full swing. PITC Pharma, Inc. is the government agency that oversees the network of 1,800 Botika Ng Bayan stores nationwide where the public can access imported branded medicines at 50% lower cost.
As part of Republic Act 9502 also known as The Cheaper and Quality Medicines Act, the Parallel Drug Import program is aimed at lowering prices of medicines in the country through the identification of popular branded medicines that can be sourced overseas at a much lower cost and importing them through PITC Pharma.
“Our partnership with IPVG and Apollo Plus Distribution allows us to expand our product range for sale to our network of Botika Ng Bayan stores” said Dr. Rolando Bautista, PITC Pharma president. “This tie-up is a result of this administration’s push for more public-private sector cooperation to achieve mutual goals that not only make good business sense but to also contribute to the better welfare of the public. I think it’s great that Botika Ng Bayan gets a boost as it will benefit all Filipinos” he added.
Prior to the signing of the MOA, IPVG turned over ownership of the trademark of Botika Ng Bayan to PITC, the parent company of PITC Pharma. Enrique Gonzalez, CEO of publicly listed IPVG Corp. (PSE Ticker Symbol: IP) said, “As the original trademark owner and think tank behind Botika Ng Bayan, we are pleased to turn it over to PITC Pharma as part of our effort to continuously support the government’s drive to lower the price of medicine. I am confident that the synergy between government and private sector is key to realizing the vision behind the program.”
Apollo Plus Distribution, Inc. is a national distributor for several pharmaceutical companies including Johnson & Johnson OTC (over-the-counter) medicines. Peejay Yambao, president of Apollo Plus said, “We, in Apollo Plus Distribution, are excited to be working with the government in this socially responsible project. With an extensive network of drugstores, we will passionately ensure that affordable medicines will be accessible to all Filipinos.”
Photo shows (from left): PITC Pharma VP Marketing Joe Cortez, IPVG CEO Enrique Gonzalez, PITC Pharma CEO Dr. Rolando Bautista, Apollo Plus Distribution President Peejay Yambao, Apollo Plus Distribution Business Dev’t Consultant Warren Soriano.