Prices of Commonly Prescribed Generic Drugs in Canada to Fall in April
As of 1 April 2018, the prices of nearly 70 of the most commonly prescribed drugs in Canada will be reduced by between 25% and 40%, according to an agreement announced on Monday.The agreement, forged between the pan-Canadian Pharmaceutical Alliance (pCPA) and the Canadian Generic Pharmaceutical Association (CGPA), is part of a five-year plan to build off a 2014 framework.
“A key component of this initiative is that tendering will not be pursued by the participating drug plans over the five-year term. The generic drugs covered in this initiative are manufactured by multiple generic companies, helping to ensure a stable supply for Canadian patients. Pricing stability and predictability will also help to ensure that generic pharmaceutical manufacturers can continue to invest in bringing new cost-saving generic drugs to the Canadian market in the coming years,” CGPA said in a statement.
Eric Hoskins, Ontario’s Minister of Health and Long-Term Care, said in a statement that the five-year initiative is expected to generate savings of up to $3 billion for public drug plans.
Pan-Canadian Tiered Pricing Framework
Price Points