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26 July 2016Big Pharma

IPHA enters agreement with Irish government on drug prices

The Irish Pharmaceutical Healthcare Association (IPHA) has agreed a deal with the government that it says will reduce costs paid by the country’s Health Service Executive to facilitate access to new medicines.

The Framework Agreement, agreed on July 20, lasts for four years and will save the government €785 million ($864 million), approximately €200 million a year, according to the IPHA.

Under the deal, the price of existing patent-expired medicines will be reduced to half of the original price. When a biosimilar product enters the market, existing biologic medicines will be discounted by 20%.

Leisha Daly, president of the IPHA, said: “It is essential that patients have early access to life-saving and life-enhancing new medicines. This agreement is the best way to make that happen. It offers a clear process and sustainable pricing so that new medicines can be made available quickly to patients in Ireland.”

She added: “With this agreement in place, patients and their doctors can rightly expect that priority will be given to funding innovative, new medicines in the health services.”

Starting on August 1, prices of drugs will be reduced annually. The date set for the other three years will be July 1.

There are 38 intern ational pharmaceutical companies in the IPHA, all of which are party to the agreement.

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