The aim of this paper is to discuss the impact of liberalization in community pharmacy on medicine prices and accessibility of medicines. Supporters of liberalization argue that increased competition following liberalization is likely to lead to improved accessibility of medicines for patients thanks to the opening of more pharmacies, and to a reduction in medicine prices. Voices in favour of more regulation have expressed concern about a possible decline in quality of pharmacy services, about limited accessibility for vulnerable groups and remote areas as well as unbalanced market power after liberalization. The analysis in this paper is based on experiences from European countries which liberalized the pharmacy sector. A literature review was performed as of December 2013, which also considered grey literature. This paper particularly draws from studies and evaluations performed by national authorities, including Competition Authorities.