JEDDAH, 17 November 2007 — Prices of more than 1,400 types of medicines in the Kingdom will be reduced by 3.5 to 27 percent from Feb. 1 as a result of a Health Ministry decision to cut prices of registered medicines by one percent every year.

Zinnat, an antibiotic, which is now sold for SR81.35, will be available for SR67.50 after the price cut, Al-Eqtisadiah newspaper reported yesterday. The price of Zantac, a medicine used to treat stomach ulcers, will come down by 27 percent to SR49.15.

Tenormin, a drug used to treat chest pain and hypertension, will be made available for SR46.55 instead of SR57.8 while Adalat, another drug that is used to widen arteries, will be sold for SR28.70.

Other medicines whose prices will be declined are: Ciprobay (SR55.80), Klacid (SR60.40), Zithromax (SR73.45), Avandia (SR60.45), Minipress (SR38.35), Cozaar (SR99.45), Concor SR3185) and Sandimmun neural SR211.90.

The price for Viagra, the famous drug used to treat erectile dysfunction, will be reduced by eight percent, the business daily said quoting informed sources. The price of a four-tablet Viagra packet, which is now sold at SR137.55, will be brought down by eight percent to SR126.55.

Health Minister Dr. Hamad Al-Manie said earlier this month the ministry’s plan to cut prices of 60 percent of medicines registered in the Kingdom five years ago, at the rate of one percent per year.

The reduction in prices was expected following the establishment of a national company for the unified purchase of medicines and medical equipment with a capital of SR2 billion.

Saudi Arabia is one of the largest markets for medicines in the Middle East. About 10 Saudi companies have captured 50 percent of the market which is estimated to be worth more than SR5 billion.

Importers currently cater to the needs of 65 percent of private hospitals and polyclinics and 35 percent of government hospitals in the country. There are 200 hospitals under the Health Ministry.

Medicine prices in the Kingdom are among the highest in the world. “If we compare prices in the Kingdom with those in India they are unbelievably high,” said one pharmacist in Jeddah. The price for Lipitor in India is just SR7 whereas in the Kingdom it was SR140. Zantac 150m is sold for SR67.70 in the Kingdom and SR7 in India. Clavix, a drug used by heart patients is very expensive in the Kingdom (SR249 for 28 tablets) while in India it is SR8.

Many pharmacists are of the opinion that the one percent reduction announced by the ministry would not have any big impact on prices. “It’s a partial correction to prices,” one pharmacist said. They believe that the ministry was not doing enough to control medicine prices.

Medicine manufacturers have found their business less expensive and more profitable. Many pharmacies in the Kingdom charge different prices for a single medicine. Market watchers have called for the formation of a high-level committee including representatives from the human rights society to suggest solid solutions to the growing price for medicines.