The price of drugs and medicines in Ireland has been subject to control since 1972 through the mechanism of formal multi-annual agreements with the Irish Pharmaceutical Healthcare Association – IPHA – formerly the Federation of Irish Chemical Industries – FICI. The maximum price to the wholesaler of any new item of medicine introduced to the market and covered by the agreement shall not, on the date of notification, exceed the currency adjusted UK wholesale price or the average of a basket of EU countries, whichever is the lower. Accordingly, Irish prices for the ingredient cost of prescription medicines are generally in line with prices in the UK. A price freeze is also in place in regard to the prices charged for existing products.