Outgoing Health Minister, Stavros Mallas announced on Friday significant reductions in the price of medicine up to 50% from January 14.
During his visit to the Pharmaceutical Services of the Republic, where he inaugurated the new premises of the service, Mr. Mallas said that the Ministry of Health has almost completed the pricing after the recent announcement of a new pricing policy for medicines by the Council of Ministers.
He also announced significant reductions for medicines marketed widely, the price of which will drop by 30% to 40% and even 50%. He noted, however, that there will be an increase in a limited number of medicines price, mainly those related to patient care.
The new price list of drugs will be implemented from January 14, 2013, while prices will be updated every two years and the new price list will be released, according to the international markets and international prices.
“It was a promise we made to reduce the price of medicines. From January onwards the Cypriot citizen will buy cheaper drugs from the private sector.
Asked what medicines will be subject to reductions, he said that there are known antibiotics that will be reduced by up to 50%, hypertensive that will be reduced approximately 30%, while drugs that regulate cholesterol will be reduced significantly.
When the formalization of the list is completed next month, it will be available at the website of the Pharmaceutical Services so that citizens are aware of the wholesale price of a medicine, he said.
He also referred to the different profit rate of the pharmacists.
“For medicines whose wholesale price exceeds €50, the profit rate will be reduced by 10%, that is, from 37% to 33.5%, while for those with a wholesale price exceeding €250, the profit rate will drop from 37% to 25%”, he noted.
The Minister also referred to the implementation of an innovative arrangement in non-prescribed drugs. These drugs, he said, will be freely available on the market, there will be no price control, but this will lead to availability of more medications and more competition. He said that this will help the Cypriot pharmaceutical industry to export to more countries and in larger volumes, which will contribute to the opening of new job posts.
Director of Pharmaceutical Services, Arthur Isseyegh thanked the Minister for the cooperation. “I think we've done a lot with Mr. Mallas and I believe that we have built quite a few things on which we hope that there will be a continuum and hence a more efficient and effective operation of Pharmaceutical Services”, he concluded.
During his visit to the Pharmaceutical Services of the Republic, where he inaugurated the new premises of the service, Mr. Mallas said that the Ministry of Health has almost completed the pricing after the recent announcement of a new pricing policy for medicines by the Council of Ministers.
He also announced significant reductions for medicines marketed widely, the price of which will drop by 30% to 40% and even 50%. He noted, however, that there will be an increase in a limited number of medicines price, mainly those related to patient care.
The new price list of drugs will be implemented from January 14, 2013, while prices will be updated every two years and the new price list will be released, according to the international markets and international prices.
“It was a promise we made to reduce the price of medicines. From January onwards the Cypriot citizen will buy cheaper drugs from the private sector.
Asked what medicines will be subject to reductions, he said that there are known antibiotics that will be reduced by up to 50%, hypertensive that will be reduced approximately 30%, while drugs that regulate cholesterol will be reduced significantly.
When the formalization of the list is completed next month, it will be available at the website of the Pharmaceutical Services so that citizens are aware of the wholesale price of a medicine, he said.
He also referred to the different profit rate of the pharmacists.
“For medicines whose wholesale price exceeds €50, the profit rate will be reduced by 10%, that is, from 37% to 33.5%, while for those with a wholesale price exceeding €250, the profit rate will drop from 37% to 25%”, he noted.
The Minister also referred to the implementation of an innovative arrangement in non-prescribed drugs. These drugs, he said, will be freely available on the market, there will be no price control, but this will lead to availability of more medications and more competition. He said that this will help the Cypriot pharmaceutical industry to export to more countries and in larger volumes, which will contribute to the opening of new job posts.
Director of Pharmaceutical Services, Arthur Isseyegh thanked the Minister for the cooperation. “I think we've done a lot with Mr. Mallas and I believe that we have built quite a few things on which we hope that there will be a continuum and hence a more efficient and effective operation of Pharmaceutical Services”, he concluded.
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