FINANCIAL NEWS

UAE to cut prices for over 6,600 medicine types

04 Feb 2013

(MENAFN) The UAE cabinet has approved new rules that will help cut prices of more than 6,619 types of imported medicines by up to 40 percent, the official news agency WAM reported.

The Health Ministry will issue a new price list for the medicines and gave pharmacies three months to adjust their prices, WAM said.

Analysts say that the initiative will have meager effect on inflation in the Gulf state, as health accounts for just over 1 percent of the overall index.

The new regulations will also unify medicine prices with other states in the GCC and provide alternative drugs for every type of medicine, including those prescribed for chronic diseases and other types of illnesses.

Healthcare businesses in the Gulf region have a bright outlook in coming years as rising wealth comes with an increase in so-called lifestyle diseases.

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