Prince Edward Island will save just over $1 million buying six generic drugs in bulk with other provinces.

The provinces will continue to work collaboratively with drug producers, says P.E.I. Premier Robert Ghiz. (CBC)

The bulk buying deal is the first recommendation from the Healthcare Innovation Working Group, co-chaired by P.E.I. Premier Robert Ghiz and Saskatchewan Premier Brad Wall, to be acted on.

The six drugs in the deal include treatments for high cholesterol, high blood pressure and depression. They represent 20 per cent of generic drugs used in Canada. Ghiz told CBC News Monday they worked with pharmacists associations and generic producers to reach the deal.

"Is everyone happy at the end of the day with this deal? No they're not, and there never really is a deal where everyone's going to say I'm extremely happy with that," said Ghiz.

"But we're going to continue to work collaboratively with the generic producers out there, we want to work with the brand producers, we want to work with our pharmacies. This is about making sure that we bring everyone to the table to try to do the best job that we can."

Ghiz said the deal should save the province $1.2 million annually. That money will be split evenly three ways.

"One third is going to go towards deficit reduction because we do have a deficit and we need to look to save costs within our system," he said.

One third will be reinvested in the province's publicly funded drug program and another third will go to help pay for professional development for pharmacists in the province in order to increase the scope of medical services pharmacists are allowed to provide.