asked the Minister for Health the effect of devaluation of the punt on the price arrangements made for drugs in the GMS with FICI.
Written Answers. - Drug Prices.
285.
The agreement between my Department and the FICI provides that, on average, the price of drugs on the Irish market should not exceed the trade price in the UK by more than 7.5 per cent after account is taken of currency differentials.
Under the terms of the new agreement, a price reduction of approximately 8 per cent in trade prices here took effect on 1 August last. The level of differential over UK prices is monitored on a monthly basis and, as in the previous agreement, appropriate action will be taken from time to time to ensure that the required price level is obtained, irrespective of movements in currency values.