Prescription medication
Prescription medicationiStock

Health Ministry Price Controller Vadim Ferman announced the maximum prices of prescription drugs with controlled patents under the Control of Commodities and Services Law will fall by an average of 6.9% on January 1, 2019, relative to the current price.

This change was mainly caused by a change in the price control model for prescription drugs led by Deputy Health Minister MK Yaakov Litzman and Finance Minister MK Moshe Kahlon. In addition, changes in the exchange rates contributed to the decrease.

The new control model distinguishes between original (unrivaled) and "generic" drugs - without a patent (with competition). The goal of the model was to allow Israeli citizens access to expensive drugs that are not competitive and therefore sold at a high price. The model was formulated to lower prices of these drugs.

However, the new control model lowered the regulatory burden over "generic" drugs whose list prices do not reflect their price in the field.

Deputy Health Minister MK Litzman welcomed the continuation of the downward trend in drug prices and said "this is an important social message that makes it easier for the citizens of Israel and for those who are sick."

Health Ministry Director Moshe Bar Siman Tov said, "Drug prices are a regulatory issue and we're happy to announce opening the new year with additional discounting for patients."