A number of Irish pharmacies will be taken over by private companies, as part of a plan to reduce their costs and cut down on staff.
The company will retain the majority of its staff and the remaining staff will be outsourced.
Weis pharmacy will retain 70% of its workforce and will continue to operate its business.
Skippack will retain 50% of staff and will move to a new company in 2018.
The plan will see the sale of Skippak, Skippas pharmacy, Weis and Weis Pharmacy to three private companies and one private partner.
The sale of the remaining assets will be done by a third party.
A spokesperson for the Department of Health said that the Department is in the process of negotiating the sale and that negotiations have been ongoing.
The Government will announce the details of the sale later today.
The move comes as the Government’s flagship health and social care package is under threat by the rise of Brexit and the prospect of the UK being forced to leave the European Union.
The latest figures from the Office for National Statistics show that the UK is projected to lose £9.5bn in public spending by 2021.
In addition, a report by the independent think tank Demos says that the Government will lose £1.7bn in its planned Brexit rebate from 2019, as a result of the EU’s withdrawal.
However, a Government spokesperson said the Government has no plans to cut funding for public services, including schools.
We are committed to delivering an economy that works for everyone, including for the poorest, and we will ensure that this is not compromised, said a spokesperson for Weis.
The spokesperson added that the sale is being made to bring the Government back into line with the UK’s business model.
The UK’s private sector has seen a sharp rise in turnover in recent years, which has seen it fall below the OECD average for economic growth in recent times.
This is largely because of rising prices and a general decline in consumer confidence.
In order to cut costs and improve profitability, companies are increasingly looking to privatise their businesses.
In April this year, we were told by the European Medicines Agency (EMA) that there had been an unprecedented number of cases of food poisoning linked to pharmaceuticals.
In June, it was reported that one of the biggest drug companies in the world, Novartis, was looking to sell its entire operations.
In July, it emerged that the drug giant Bristol-Myers Squibb was seeking to sell more than 100 per cent of its global business.
The rise of drug and pharmaceutical companies has resulted in huge job losses in the UK and elsewhere.
The Department of Business, Innovation and Skills (DBIS) estimates that the country’s public sector has lost almost a million jobs in the last 12 months.