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.
A generic drug is a pharmaceutical drug that is equivalent to a brand-name product in dosage, strength, route of administration, quality, performance and intended use, but does not carry the brand name. The generic drug may differ from the original in non-essential characteristics such as color, taste and packaging.
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.
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
Sources:
https://www.google.ca/search?q=generic+drugs&source=lnms&tbm=isch&sa=X&ved=0ahUKEwj0_OKmuIbZAhVH7GMKHYiNAZUQ_AUICygC&biw=1920&bih=925#imgdii=X6FqOh14BNstOM:&imgrc=c19qi3qQzl6sGM:
http://www.saskatchewan.ca/government/news-and-media/2018/january/29/18-1571-drug-plan