British Columbians will soon notice they are paying less for many of the generic prescription drugs they need for their health.
Starting April 1, a new drug pricing regulation reduced the price of generic drugs to 25 per cent of the brand name price, from the previous rate of 35 per cent of the brand name price. The price is scheduled drop to 20 per cent in April 2014.
The drug price regulation is the first in a suite of regulations required to fully implement the Pharmaceutical Services Act, which came into force in May 2012. The act shifts B.C.’s PharmaCare program from relying on government policy, to being protected by legislation.
The regulation allows the health minister to regulate the price of prescription drugs. Generic drugs have the same quality, strength, purity and stability as their brand name equivalents and are made to the same strict standards.
BC PharmaCare helps British Columbians with the cost of eligible prescription drugs and designated medical supplies. As one of the most comprehensive drug programs in Canada, it provides reasonable access to drug therapy for every British Columbian through several drug plans.