Basing the prices of new branded drugs on the lowest instead of the average price in nine European Union (EU) member states could cut drug prices by up to 25%, the Irish government has been told.
Currently, Ireland bases the ex-factory price of new branded drugs on their average price in Belgium, Denmark, France, Germany, Netherlands, Spain, Finland, Austria and the UK. The report, which was commissioned from the Health Service Executive from the independent Economic and Social Research Institute, says that prices in Ireland should instead be based on the lowest price among these nine nations, and also that the prices of new branded medicines should be updated every six months, instead of between one and three years as at present.
Tuesday, January 24, 2012
Ireland can cut branded drug prices 20%-25%, says study