Recently, the pan-Canadian Pharmaceutical Alliance announced that, as of April 1, the cost of almost 70 generic drugs that are frequently prescribed would be lowered by 25% to 40%, a savings of up to 90% in some cases over the price of brand-name equivalents. The Alliance made this announcement on behalf of the Canadian Generic Pharmaceutical Association, along with participating provincial, territorial, and federal public drug plans. The country’s generic drug industry agreed to slashing prices on some generic drugs in exchange for a 5-year suspension of open tenders.
In July of last year, Quebec’s health minister said the province spends approximately $800 million per year on generic drugs, and, following a similar agreement, the province would experience a reduction in spending of more than $300 million annually.
The Alliance said that, of the prescriptions reimbursed under Canada’s public drug plans, more than 70% are generic drugs, including those commonly used for treatment of depression, hypertension, and high cholesterol. Over the 5-year term of the agreement, territorial and provincial governments will not seek bids from participating drug plans.
Reports state Canadian patients will have a solid supply of generic drugs available to them because those covered are made my multiple manufacturers. Additionally, the generic drug industry will have the assurance of knowing the prices and rules under the agreement before bringing them to market, according to VP of Corporate Affairs at the Canadian Generic Pharmaceutical Association, Jeff Connell.
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