Prescription drugs (illustrative)
Prescription drugs (illustrative)Flash90

Finance Minister Moshe Kahlon and Health Minister Yaakov Litzman signed a price controls act expected to reduce the maximum retail price of prescription drugs starting today (Sunday) at an average rate of 3.5% compared to last year.

Among other things, the price decline was facilitated by changes in exchange rates, slight price declines in the countries where drug prices are set, and reductions in the pharmacist's profit margin for expensive drugs.

Finance Minister Kahlon said, "reducing prescription drug prices is a direct continuation of the government policy to reduce the cost of living and strengthen the health care system.

"This move joins with a half-billion shekel increase in the health basket (list of gov't subsidized medications, ed.) and health insurance reform to bring a significant price reduction. We will continue to strengthen the health system and the accessibility of its services to the general public at fair prices," added Kahlon.

Health Minister Yaakov Litzman welcomed the continued reduction of prices for prescription drugs and stressed the importance of monitoring and determining the maximum prices in order to protect those who need these drugs.

"This reduction is consistent with our social policies for strengthening health services and making them accessible to the citizens of Israel," said Litzman.