The high cost of medicines in Ireland. Is it time to change the pricing mechanism?

This study compared the prices of prescription medicines in Ireland to those in other countries to determine potential cost savings on the largest community drug scheme if an alternative pricing mechanism were adopted. The analysis covered a sample of 39 drugs (44.8% of the total ingredient cost) selected from the top 70 drugs in order of total ingredient cost. Potential cost savings ranged from Euro 20.73 million if a Danish price were adopted, to Euro 16.23 million for the average European price, to Euro 6.82 million for the UK price. The estimated savings were statistically significant for the Danish and average European price but not for the UK price. This study demonstrates the high ex-wholesale price of prescription medications in Ireland.