Pharmaceutical companies, importers, distributors and retailers of medical drugs will be prohibited from selling medicines at prices exceeding the reference set by authorities starting February 15.

According to the Ministry of health, over 1,300 medicines for chronic and oncological diseases have been included in the initial list to be sold through reference prices, before the roster is later expanded to other categories.

“Wholesale and retail chains would be required to revise their current prices by January 31 to bring them in line with the new rules.

Costs of medical drugs are expected to decrease by 40% following the anticipated introduction of the reference price system.

The measure is intended to improve access to medications”, - reads the statement.