External Reference Pricing In Greece. A Comparative Analysis For 2015-2017

Abstract

To compare the results of performing External Reference Pricing (IRP) in Greece from 2015 to2017, to model the changes on ex-factory prices in domestic market medicines and to forecast future impacts in Greece and other countries that take Greek Market Medicines as a reference. Greek medicines pricing bulletins and research in EU28 medicine bulletins published by official sources. Comparison of price sources and price differences. We have compared all medicine prices from three Greek medicine bulletins for the period 2015-2017. External Reference Pricing is performed to calculate the average of the three lowest prices in EU for branded medicines that are not under price protection. Tiers of price protection affected the basket mix for External Reference Pricing. Nine Euro zone countries share 55-60% of the total sum of eligible medicines for reference pricing. Five non Euro zone countries contribute the remaining 40-45% External Reference Pricing has been the main tool for pricing and repricing of branded medicines in Greek Reimbursed Market. Tiers of price protections and variation of calculation rules affect significantly the basket mix and the final medicine prices. Differences vary from 5% to 15% of x-factory price. Pharmaceutical companies should take under consideration these factors to forecast future price reductions in Greece primarily and then, the rest of the world.