B.C. to cut generic drugs' price another 10 per cent
The B.C. government has brought in legislation to cut the price of generic drugs after scrapping a deal with the pharmacy industry that was aimed at reducing prices.
When Health Minister Mike de Jong tore up that deal in February he said it wasn't bringing the savings the government wanted because drug makers were asking for too many exemptions.
De Jong says he's now turned to legislation to regulate drug pricing, following a similar bill introduced by Ontario in 2010.
Right now, generic drugs cost 35 per cent of their brand name counterparts, but de Jong says his legislation will bring that price down to 25 per cent of brand name drugs.
He says this will not only save the government money, which can be reinvested in other areas of health care, but it will also save money for patients and their families and help make the PharmaCare drug coverage plan sustainable.
Ontario's 25-per-cent generic drug pricing law prompted legal battles last year between the province and pharmacies.