The prices of 346 medicines, including 139 innovative and 207 generic, will drop as of October 15, Health Minister Nikola Todorov announced Saturday after a working meeting with Premier Nikola Gruevski.

Prices of innovative drugs will fall by 8.6% and those of generic drugs by 15.2%. Compared to the turnover of these medicines in 2011, the total annual savings are expected at 3.800.000 euros (1.000.000 euros involving innovative medicines and 2.800.000 in relation to generic drugs).

Todorov told a press conference that the prices of a total of 1.636 medicines had been decreased following a similar move to cut down the prices of 1.290 drugs in February.

"Prices are defined in a transparent manner and we expect the companies to apply on Monday in compliance with the methodology of approving single prices. It involves medicines having adequate quality, safety and efficiency standards. All of this suggests that the drug-related reform is successfully implemented and allows considerable savings to be made in the health system, which will be felt by public health institutions and by the citizens buying prescription drugs in pharmacies," Minister Todorov said.