Commonly prescribed generic drugs in Canada will see a price cut of up to 40 percent in April as part of a new initiative announced Monday by two drug industry groups.
The pan-Canadian Pharmaceutical Alliance and the Canadian Generic Pharmaceutical Association agreed to reduce the price of nearly 70 of the nation’s most-prescribed drugs between 25 percent and 40 percent as of April 1. Drugs covered under the plan include those used for high blood pressure, high cholesterol and depression.
The plan follows previous joint efforts between the two groups that have saved participating drug plans more than CA$1 billion, or about $810 million U.S., in the last five years and are projected to save a further CA$250 million annually. The latest initiative, meanwhile, will save a further CA$385 million in its first year and another CA$3 billion in the next five years through reduced prices and the introduction of further generic drugs to the market.