Medicine prices slashed by 25%

The prices of some 920 medicines were slashed by an average 25% Tuesday, as part of the government’s policy to reduce the household costs.

Though the majority of medicine prices remained the same, some antibiotics were reduced by 50%, an anti-depressant by 60% and a packet of eight Viagra tablets by 17%.

The government said that consumers will save about CYP 7 mln on the purchase of medicines.

However, pharmaceutical companies say that the reductions will force them to discontinue certain drugs, while they will incur CYP 5.5 mln in losses because they were saddled with enormous stocks imported at the old prices.

On Monday, Health Minister Andreas Gavrielides said the government was ready to import medicines from Greece should any shortages arise, which he thought unlikely.