Jan 29, 2018
By Michael Kramer
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.