Cyprus: Medicine prices rise and fall

Cyprus: Medicine prices rise and fall

A number of medicines are an average 7% cheaper while others are 16% more expensive according to the state’s adjusted pricelist on Tuesday.

An across the board 8.5% drop on all medications priced over €10 has been introduced.

Some 1,694 medications are dropping in price while 550 will become more expensive. An 8.5% price decrease for medicines costing over €10 has also been incorporated in the general reduction.

The price of 440 other medications remains the same while the prices of non-prescription medications remain unchanged as they are set by importers and not the state.

The pricelist is updated as part of a ministerial decree introduced in 2015 and in force for two years. It will next be updated in March 2017.

In line with the ministerial decree, medications costing under €10 are not affected by the update. The price of generic medications manufactured by Cypriot companies, meanwhile, is set at 80% of the brand name variety.

Pharmaceutical companies have complained about the state enforced 8.5% price change for medications priced over €10, saying it significantly impacts their wholesale income even though the consumers themselves may notice very little difference.

The Cyprus Association of Pharmaceutical Companies (CAPC) has resorted to legal action over the 8.5% drop.

Source: http://in-cyprus.com/medicine-prices-rise-and-fall/

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