STONINGTON (AP) – The only pharmacy in this island town will close next month, a victim of recent cuts in reimbursements for filling government-funded prescriptions.

Kevin Clancy said Monday he has given the state 30 days notice of his plans to shut down the Island Pharmacy, the business he opened six years ago.

The closing means that Stonington residents seeking to fill a prescription will face the prospect of a 50-mile round trip to the nearest drugstore.

The state slashed the pharmacy dispensing fee from $3.35 per prescription to $2 to offset a shortfall of more than $1 million in the Medicaid budget.

Clancy said half the customers at his pharmacy are on state programs and the resulting cuts have been devastating to his business.

“We don’t have the prescription volume that some of the others in Bangor, Ellsworth and Portland have, and we’re a casualty of that,” he said.

Other pharmacies have also been affected by the cuts in reimbursements. The giant Rite-Aid chain said the change is forcing it to reduce operating hours at some of its stores.

Community Pharmacies, a Maine-based chain, said it was forced to eliminate 10 jobs and cut back the hours at its 15 drugstores.