Medicines in Ireland 12 times more expensive than in the UK
A report in yesterday’s Sunday’s Business Post shows Irish people are paying around 12 times more than the NHS in Britain for generic drugs.
According to the paper it is because of a deal sanctioned by the Department of Health two years ago, whereby generic drug manufacturers can charge the state up to 98% of the price of the original branded medicine.
Plavix, a blood thinning drug, costs the HSE €37 for a generic version, but the NHS in Britain pays just €3 for the same brand.
The Association of Pharmaceutical Manufacturers of Ireland said the reason Ireland pays more is because generic drugs have a low market share here and because manufacturers have to package their products uniquely for Ireland.
Liam Doran General Secretary of the INMO, said spending these higher sums on the drugs means there is less money available for the health service.
Top Dublin retailer Clerys in active business sale talks
Dublin’s famous retail department store Clerys is believed to be in “active” talks about the sale of the business to a private equity group, according to informed sources.
It is understood that IBI Corporate Finance is advising on the proposed transaction.
The sale of the family-owned business is believed to follow pressure from Bank of Ireland over its high level of borrowings, which were run up during the property bubble.
Earlier this year it was linked with Monte Carlo-based Michael Flacks and business restructuring specialist Hilco. Neither is thought to be involved in these talks.
Clerys, owned by members of the Guiney family for about 70 years, has been rumoured to be on the block for some time.
Latest documents filed with the Companies Registration Office show that group borrowings of €20.2 million to fund property development were due to expire in February of this year, along with working capital facilities of €10.4 million.
The company had shareholders’ funds of €3.9 million at the end of January 2011 and it granted Bank of Ireland security over all of its group assets in 2011.
In the 12 months to the end of January 2011, it recorded a loss of €2 million, up marginally on the deficit recorded in the previous year. Its gross turnover declined by 8.4 per cent during the year.
The accounts state that it was in negotiations to secure “adequate financial facilities”.
“The group depends on the continuing willingness and ability of its banks to finance group operations,” the accounts add.
The auditors’ report from PricewaterhouseCoopers noted the “existence of material uncertainties” in the retailer’s ability to continue as a going concern.
Irish Students fear for their jobs and career prospects in Ireland
The Union of Students in Ireland is urging the Government to do more to assist graduates in gaining employment.
It comes after a survey of nearly 6,000 students found that most are fearing for their future career prospects because of the current economic climate.
CSO figures also show that 39% of people under 24 are unemployed with many facing the reality of having to move abroad in search of work.
John Logue of the Union of Students of Ireland
IT Computer glitch could cost the Ulster Bank more than €55m
The IT fiasco at Ulster Bank, which saw up to 600,000 of its customers locked out of their accounts, will cost the lender more than €55m over the next few months.
Ulster Bank said last week that it had set aside €35m to cover costs arising from the recent IT glitch. However, Ulster Bank boss Jim Brown told this paper that the final bill would be “tens of millions more on top of the €35m we’ve made provision for already”.
Mr Jim Brown (above pic.) said the bank would offer a redress package to customers — in addition to compensation for out-of-pocket expenses.
Ulster Bank is also paying compensation to customers who were mis-sold payment protection insurance (PPI), according to Mr Brown. Ulster Bank’s parent, Royal Bank of Scotland(RBS), took a £135m (€171m) hit between early April and the end of June this year to cover the cost of PPI mis-selling.
This brings RBS’s total bill for PPI mis-selling, which arose on foot of a ruling by Britain’s financial regulator, the Financial Services Authority, to £1.3bn (€1.65bn).
The losses incurred by Ulster Bank on the back of the property downturn have led some to describe the bank as RBS’s Achilles’ heel.
However, Mr Brown insisted last week that Ulster Bank “absolutely” had a future within RBS.
“There are issues we need to work through but we will get this business back to profitability — though it will take a few years to do that,” he said.
Man in 70s dies in Donegal crash
GARDAI ARE INVESTIGATING SINGLE CAR CRASH SHORTLY AFTER MIDNIGHT
A MAN IN his 70s has been killed in a single vehicle car crash in Donegal overnight.
The accident happened at Fintown, around 30 kilometres west of Letterkenny, at around quarter past midnight when the car the man was driving veered off the road and into a field at Meenmore.
He was the only occupant of the car.
His body was removed by ambulance to Letterkenny Hospital for a post mortem examination.
Traffic diversions are in place at the scene as investigators carry out a forensic examination of the scene.
Gardaí have asked anyon e with any information on the crash to contact Glenties Garda station on 074 955 1080, the Garda Confidential Line on 1800 666 111, or any Garda station.
No comments:
Post a Comment