Researchers with the Canadian Medical Association Journal say a universal drug plan could slash total spending on medications in Canada by billions of dollars – and cover everyone – at an affordable price.

The Journal says – instead of costs for universal pharmacare ranging as high as $5.4 billion a year, they would likely  be about $1 billion – depending on just how much could be saved – through bulk purchases of drugs and other cost saving measures.

The study’s authors say – if Canada achieved “middle-of-the-pack” spending in comparable countries such as Ialy and Spain – and achieved the rates of generic drug use seen in some provincial plans – a universal public drug plan would cut total spending on prescription drugs in Canada – by $7.3 billion per year.

The findings are reported in the Monday edition of the Canadian Medical Association Journal.