Brand-name drug companies could put off introducing new medicine in Canada and scale back research here if the country makes a major shift to cheaper generic alternatives under a national pharmacare plan, according to an internal federal analysis. The concerns were included last year in a briefing document for federal Finance Minister Bill Morneau that […]
Though many plan sponsors are still using step therapy to manage drug plan costs, pharmacogenetic testing is receiving attention as more providers enter the market, lower the cost and familiarize employers and insurers with the technology. As it becomes more sophisticated, there’s more information about how pharmacogentic testing works, says Sandra Ventin, associate vice-president at […]
The Canadian Life and Health Insurance Association is asking the Ontario government to act cautiously in welcoming private label products under the provincial drug program and allowing them to be interchangeable with other products. Presently, the Ontario Drug Benefit Act doesn’t list private label products as drug products, meaning they’re not eligible for public funding under the drug benefit program. […]
The results of the ongoing renegotiations of the North American Free Trade Agreement could have an impact on how much Canadians pay for their medications in the future, according to one expert. In an article originally published by not-for-profit media outlet the Conversation, Joel Lexchin, an associate professor of family and community medicine at the University of Toronto, pointed out that the […]
Health-care costs are projected to increase a whopping 130 per cent over the next eight years after a period of relatively flat growth, according to a study published by Mercer in 2017. One of the key drivers is rising drug costs, with expensive specialty medications and gene therapies making up the majority of new products in development. So […]
The announcement in late January that 70 of the most commonly prescribed drugs will see their prices fall by as much as 40 per cent on April 1 was certainly welcome news for plan sponsors. The deal, reached by the pan-Canadian Pharmaceutical Alliance and the Canadian Generic Pharmaceutical Association, will bring the cost of some generic products down […]
The Canadian Generic Pharmaceutical Association is taking issue with a new report from the Patented Medicine Prices Review Board that raised concerns about high prices for generic drugs in Canada. “The pricing information in the . . . report released today by the PMPRB is from 2016 and does not reflect current prices of generic pharmaceutical products […]
Canadians continue to pay more than most other Organisation for Economic Co-operation and Development countries for generic drugs, despite provincial and territorial policies that have greatly reduced prices in recent years, according to a new report by the Patented Medicine Prices Review Board. The Generics360 report found Canadians spent $165 per capita on generic drugs […]
The Empire Life Insurance Co. is introducing a new drug-only pooling product for plan sponsors. With advancement in medicine and higher-cost drugs on the market, it’s important to provide options to help small- and medium-sized businesses manage their high-cost claim exposure, the company noted in a press release. With that in mind, it’s offering the new $7,500 drug-only option […]
The pan-Canadian Pharmaceutical Alliance and the Canadian Generic Pharmaceutical Association have reached a deal aimed at reducing the prices for some generic drugs by as much as 40 per cent. While the parties are touting significant savings for Canada’s public drug plans, they also say employers and patients will benefit from price reductions of 25 to 40 per cent, as of […]