Viagra has dropped the price of the drug by half in the US and New Zealand, according to US-based drugstore chain CVS.
The generic version, originally available at US $600 a pill, now sells for around $400.
In New Zealand the drug is currently only available at $60 a pill and the price is expected to drop further by the end of the year, the company said in a statement.
The announcement comes a day after US-born Australian drugstore owner CVS Boots announced it was raising the price on its generic Viagra by nearly 50 per cent to $7,500 from the current $4,600.
The drug has also been rebranded to Viagra Plus and the generic version will also be available for around US $6,000.
The price increase comes as drugmakers grapple with a spike in generic drug shortages.
US drugmaker Johnson & Johnson has had to lower the price for its generic version of the blockbuster injectable contraceptive in order to compete with rival generics.
Last year the pharmaceutical giant said it would have to slash its price by nearly $500 million to meet US drugmakers’ demands for cheaper generic drugs.
In January the company raised the price from $750 to $1,000 a pill for the generic Viago-Birefrost, which has since been replaced by a cheaper version of its more expensive generic.CVS Boots said the drugmaker had raised the generic price to meet the demand of drugmakers in a bid to keep the price down.
The move to lower prices comes as some pharmaceutical companies have struggled to fill orders for their new generic drugs, with some leading to shortages and other patients struggling to pay for the drugs.
Cases of generic drug-resistant tuberculosis have increased dramatically in recent months, with one-third of US adults having been diagnosed with the drug-resistance condition, according a report by the US Centers for Disease Control and Prevention (CDC).
More than 1.5 million US adults have been infected with the virus, which can lead to pneumonia, death and liver failure.