The Federal Government says the price of common drugs could be slashed after it inked a number of important deals with generic drug suppliers.

Health Minister Sussan Ley said prices for drugs for conditions such as depression and cholesterol could fall by 50 per cent.

She said an agreement reached with the Generic Medicines Industry Association meant the most expensive brand of a drug would be taken out of calculations when determining the price of generic medicines.

"This could see some of Australia's most common medicines for cholesterol and heart conditions halve in price, in some cases by $10 per script for general patients," Ms Ley said.

For more details, go to: http://www.radioaustralia.net.au/international/2015-05-27/health-minister-sussan-ley-says-cost-of-common-medicines-could-halve-under-new-generic-drug-deal/1452336