The price of hundreds of medicines is due to fall from today and the State and private patients are set to benefit from cheaper drugs.

Today’s reduction follows a recent deal between drug companies and the Department of Health, which is expected to generate €400m in state savings over the next three years.

Private patients should also enjoy reductions in the individual prices of patent and off-patent medicines from today.

It may be some time before pharmacies pass on the reductions because of older stock purchased at higher prices.

Rory O'Donnell, president of the Irish Pharmacy Union, said most pharmacists would have ordered medicines yesterday evening to avail of the lower prices, so customers should see the cuts "fairly fast".