NEW AGREEMENT SLASHES PRICES OF MANY GENERIC DRUGS

Jan 29, 2018

By Michael Kramer

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Under a new agreement the prices of nearly 70 commonly prescribed generic drugs – will be discounted by up to 90 per cent – of their brand name equivalents.

The price discounts are to start on April 1st – and will more than triple the number of drugs that were discounted under the previous Canadian generics initiative.

The drugs are collectively used by millions of people in Canada – to treat conditions such as high blood pressure, high cholesterol and depression.

Officials say patients will see the savings when they fill their prescriptions, whether it’s through a public drug plan, an employee plan or paying out of pocket.

The initiative is expected to generate savings of up to $3 billion for public drug plans over five years.

The agreement between the pan-Canadian Pharmaceutical Alliance which represents the provinces, territories and federal government – and the Canadian Generic Pharmaceutical Association was reached after discussions led by Ontario, B.C. and Saskatchewan.

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