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Reduction between 25 and 40% of the price of 70 generic drugs

by

Andrea Lubeck

January 30, 2018 13:30

Photo : pxhere.com

Thepan-canadian Alliance pharmaceutical and thecanadian generic pharmaceutical Association have announced a reduction of between 25 and 40% of the price of nearly 70 generic drugs. The associations argue that the reduction leads to a discount of up to 90 % compared to the price of the brand-name drug equivalents. Drugs reduced, include those used to treat high blood pressure, high cholesterol, and depression.

The associations anticipate that this initiative will achieve savings of $ 385 million additional in the first year, which may go up to three billion dollars over the next five years. These are in addition to the savings of$ 250 Million annually from a previous agreement. This last has saved more than a billion dollars in the past five years.

The CLHIA welcomes

L’Association canadienne des compagnies d’assurances de personnes (CLHIA) has applauded the agreement reached between the associations. «This is excellent news, and we look forward in particular to the fact that these discounts will continue to apply to plans offered by employers, to the benefit of all canadian workers,» said Stephen Frank, president and chief executive officer of the CPOMA.

«This agreement will lower costs to the system and will help ensure that employers continue to have the means to offer employee benefit plans that are complementary to their employees,» adds Mr. Frank.

To maintain the sustainability of drug plans

The Alliance and the Association argue that this new price reduction makes it «to increase the sustainability of drug plans,» and that it will result in » a uniform price throughout the country «.

The CLHIA commends them for having found » a smart solution to maintain the viability of our system of prescription drug insurance «, calling the partnership agreement is innovative, and that it would be the best way to ensure that prescription drugs remain affordable.

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