Drug Pricing Initiative to Provide Millions in Savings for Saskatchewan
Saskatchewan residents will soon benefit from lower prices on generic drugs. A new national generic drug initiative will result in $6 million in savings in the first year and up to $50 million in savings over the next five years for the Saskatchewan Drug Plan.
Savings for patients and employers are expected to match or exceed those achieved by the provincial government.
Through the pan-Canadian Pharmaceutical Alliance (pCPA), provinces and territories have developed a new initiative with the Canadian Generic Pharmaceutical Association (CGPA) to significantly reduce the price of some of Canada’s most commonly prescribed generic drugs.
“We know medicine is expensive, and our government is committed to providing Saskatchewan residents with the best value for the important drugs they rely on,” Health Minister Jim Reiter said. “In addition to benefitting the public, it benefits the province as well. The savings we realize will help our public drug plan provide coverage for new and innovative drugs, and increase the plan’s sustainability.”
As of April 1, 2018, the prices of nearly 70 generic drugs will be reduced by 25 to 40 per cent, resulting in overall discounts of up to 90 per cent off the price of their brand-name equivalents. Generic drugs included in the initiative are used to treat a variety of conditions, including high blood pressure, high cholesterol and depression.
The initiative also includes a commitment from generic drug manufacturers to continue bringing new generic drugs to the Canadian market and ensure a stable supply of generic drugs across the country.
Saskatchewan served as a co-lead, along with British Columbia and Ontario, in developing this initiative. For more information about the generic drugs covered by this initiative, visit http://formulary.drugplan.ehealthsask.ca/PanCanadian.aspx.