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The cost of some 300 medicines will be slashed in price by 40% from in Ireland.
The Irish Pharmaceutical Healthcare Association said patients could save up to 500 euro a year.
It claimed the industry cut charges to reduce the state’s medical bill after being approached by Health Minister Mary Harney.
Brian Murphy, IPHA’s Director of Commercial Affairs, said: “Recognising the difficult position of the Irish economy and the tough decisions facing the Irish Government our member companies were willing to play their part in helping to reduce costs and prices.
“This initiative will significantly reduce costs for the State, and it will also reduce prices that patients pay directly for some of their medicines.”
Mr Murphy said patients could now save between three to four euro on every ten euro they spend.
“That’s a potential saving of up to 500 euro per year,” said Mr Murphy.
IPHA said that its members will also pay an increased rebate to the Health Service Executive to include all community drug schemes.
Medical card holders must pay a 50% per item prescription charge for the first time under new proposals outlined in last month’s budget.
A website www.checkthelist.ie has been set up to allow patients check the new prices of medicines.
The Irish Pharmacy Union said the price reduction was good news for patients, especially those who do not qualify for a medical card.
Copyright Press Association 2010