By January 14 the UAE will house 80 per cent of the GCC's cheapest innovative drugs. The news comes following a call by the Ministry of Health (MoH) to reduce the price of 142 innovative medications. Effective January 1 as many as 24 pharmaceutical companies will be given a two-week grace period to re-price selected 142 innovative products.

The announcement was made on Monday during the launch of the ministry's sixth initiative on 'Reduction in Medicine Prices'.

The reduction in price will range from two per cent to 63 per cent with more than 30 products (21 per cent) being reduced in price by between 15 and 20 per cent.

The medications up for re-pricing will cover nine main categories of disease/illness with the majority - 106 products - commonly used to treat central nervous system disorders.

The decision came following an extensive meeting held between the Ministry of Health and the heads and directors of global pharmaceutical companies.

Following a price estimation study in six countries - Saudi Arabia Bahrain Oman Lebanon Jordan and the UAE - the UAE was seen to have the highest price tag for innovative medications hence the decision to change tact.

Speaking to Khaleej Times on Monday Dr Amin Hussein Al Amiri Assistant Under-Secretary for Public Health Policy and Licensing at MoH said the ministry contacted all pharmaceuticals companies within the region to reconsider the pricing of 240 products of which 142 were accepted.

"For the companies that declined to re-price the remaining products it was simply because it conflicted with their budget. We want to keep good relations with these companies so we will not force them to reduce prices" he said.

By June 2016 however Dr Amiri stated that the aim is to have 100 per cent compliance by companies for the remaining 98 products.

"By June 2016 all innovative drugs should be under price restructuring. After that we will concentrate on generic medications."

For patients with low category insurance or on a low income the new decision is bound to have a positive impact. And though the re-pricing will see a decrease in margins for the pharmaceutical companies patient access to its products will increase.

"That is why these companies are ready to reduce income because the long-term benefit is huge. They will be able to avail of fast track registration of products here and the number of people who utilise their products will increase" Al Amiri said.

Speaking on the sidelines of the event Medical and Regulatory Affairs Director for Sanofi GCC and Yemen Mohammed Ismail told Khaleej Times the call was a "smart one".

"Yes initially profit margins will decrease for companies but strategically the MoH has the inside scoop we don't. By following its recommendations we can benefit from future fast track registration of products - and for innovative medications that is exemplary."

And where many health ministries around the world force such a price restructuring on companies the UAE has approached it in a way that "keeps good relations" between the Ministry and the pharmaceutical companies he said.

Kelly Clarke Originally from the UK Kelly Clarke joined Khaleej Times in November 2012 as a reporter. She has a keen interest in humanitarian issues and loves to champion the efforts of local residents companies in offering aid and development assistance to both local and region-wide causes. She works mainly within the healthcare beat but regularly produces human interest features. In her spare to she loves to travel and regularly volunteers at Riding for the Disabled in Dubai. Kelly received her BA Honours in Journalism from Middlesex University UK in 2008. Before joining Khaleej Times she worked as a Supervising Editor for three Healthcare titles in London. KellyAnn_Clarke