Ministry issues reminder of price cut in medicines in Oman

The Ministry of Health has reminded the public of the impending reduction of the price of 4,000 medicines, which will be implemented from the 1st of June, 2017.

earlier this month, on May 17. 

The ministry released a statement online saying, "The retail price of any medication shall be computing based on the landed product’s price that is Cost, Insurance, and Freight (CIF) as endorsed by the Technical Committee, plus a margin of 45 per cent divided into 19 per cent share for the main distributor, and 26 per cent share for the retail pharmacy." The older profit margin was 55 per cent.

"This reduction will make the retail costs of all the 4,300 registered and marketing medications in the Sultanate to drop. The decision is a continuation of a phased-approach that aimed at unification of CIF prices of the Innovative Medicines across the Gulf Cooperation Council (GCC) countries.

"Earlier, approximately 2,600 medications prices were cut in two phases; prices of 1,400 drugs were reduced on October 2014 in the first phase, and 1,180 of medications prices were reduced in the second phase on June 2015," the statment added.

Source: Timesofoman