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A Dublin pharmacy is to set to sell generic prescription drugs at the same prices as Northern Ireland.

Healthwave plans to charge their customers a fee of €25 a year for a subscription service called HealthPass so that they can the avail of reduced-priced drugs.

Ireland is still one of the most expensive countries in the world to buy medicine.

Shane O’Sullivan, pharmacist and chief executive of Healthwave, told The Pat Kenny show this morning that they have significantly reduced the mark-up on generic drugs that they sell.

A 28 day supply of Atorvastatin (10mg), the generic cholesterol medication, currently costs €10.42 in the Republic of Ireland compared to just £5 or €5.99 in a pharmacy in Newry. HealthPass will provide the same supply of Atorvastatin (10mg) for €4.95, a saving of over 50% a month on the prescription.

Generic medicines are those where patent protection has expired, and which may be produced by manufacturers other than the innovator company. Use of generic medicines has been increasing in recent years, primarily as a cost saving measure in healthcare provision. Generic medicines are typically 20% to 90% cheaper than originator equivalents.

In Britain, 80% of medication dispensed is generic brand compared to just 18% here in Ireland. There are definitely savings to be made by buying generic; they are safe and effective, and offer consumers great value. But in Ireland, even the generic medicines prices have been inflated, at the expense of the consumer.