Junior Health Minister Seán Power today denied having shares in the pharmaceutical distributor United Drug.
The Kildare South TD issued a short statement today indicating he had disposed of the shares at the start of the year. He had been appointed Minister of State at the Department of Health the previous September.
The Fianna Fáil TD's statement said he had publicly declared his interest in the company in 2004.
His statement follows a report in today's Irish Independentsaying Mr Power and the other Minister for State at the Department of Health, Progressive Democrat Tim O'Malley, held shares in United Drug.
Dr O'Malley, a former pharmacist, has confirmed that he still holds shares in the company and in another distribution firm, Uniphar. The Limerick TD told The Irish Examinertoday that he had publicly made a declaration of interest in the two firms and had been told by the Standards in Public Office Commission that there was no conflict of interest.
United Drug and Uniphar are both Irish companies and do not manufacture or develop drugs. They provide wholesale and distribution services to the industry. United Drug is a publicly quoted company; Uniphar is a co-operative of pharmacists.
Negotiations between the department and drug companies over the price of drugs used by the health service are due to begin next month.