Irish drugmakers cuts prices 20%

As part of a deal to supply medicines to the health service in Ireland, the pharmaceutical industry has agreed to cut the prices of nearly 600 different products as much as 20%, with a further 15% reduction on January 1, 2009. Among the products affected, as of March 1, are many leading, long-established post-patent drugs.

The Irish Pharmaceutical Healthcare Association notes that the new arrangements will also ensure that Irish ex-factory prices for new drugs will be set against a broader average of the price in nine other European Union states, and provide for a review in 2008 and again in 2010.