During the price review process, the Icelandic Medicines Agency meticulously assesses the maximum wholesale prices of medicines by comparing them with the prices of equivalent medicines in reference countries.
This evaluation adheres to the guidelines outlined in the Medicines Act, No. 100/2020, and Regulation No. 1414/2020, which specifically address the pricing and reimbursement of medicines. Additionally, the Icelandic Medicines Agency follows its own internal working rules to determine the wholesale prices of medicines.
The excecution of the 2023 price review process
In accordance with paragraph 72 of the Medicines Act No. 100/2020, the Icelandic Medicines Agency has planned a comprehensive price review for prescription medicines for human use in the year 2023. This review will be divided into three parts, with the first part specifically addressing the following:
- Specialty care high-cost medicines that do not have an agreement with Landspítali (The National University Hospital of Iceland)
- Exemption medicines with an annual wholesale turnover exceeding 10 million ISK, determined based on sales figures from 2022
The publication of the results for this specific part of the price review is anticipated to take place later, with a designated deadline for submitting comments or objections set for 12 August 2023.
The new prices, resulting from the implementation of updated rules concerning maximum wholesale prices of medicines that take effect on 1 September 2023, are scheduled to be published in the Icelandic medicines price catalogue on 1 October 2023.
The reference point for the exchange rate used in the Icelandic price catalogue is set to match the rates as of 15 May 2023. Product numbers that did not record any sales in 2022 will not be taken into consideration during the price review.
Consultations were conducted with Icelandic Health and Landspítali to determine the priority of the price review.
Additional information concerning parts two and three of the price review will be communicated as soon as possible.