The recent announcement that Canadian provinces and territories are moving forward on price setting for six generic drugs will realize an estimated annual savings of close to $10 million for Saskatchewan residents, private insurers and the provincial government.
The price setting announcement was made today by Saskatchewan Premier Brad Wall and Prince Edward Island Premier Robert Ghiz through the Council of Federation. The two premiers led the Health Care Innovation Working Group, which recommended action on generic drug prices last summer.
"Saskatchewan is pleased to collaborate with other provinces and territories to realize significant cost savings on important drugs that patients rely on," Health Minister Dustin Duncan says. "By working together, we can do more to bend the cost curve."
Participating provinces and territories will leverage combined purchasing power and have agreed to establish a price point for six of the most common generic drugs at 18 per cent of the equivalent brand name drug. These six generic drugs represent approximately 20 per cent of the publicly-funded spending on generic drugs in Canada. Currently, individual provinces and territories pay between 25 and 40 per cent of brand name prices.
The types of services pharmacists provide align with the goals of primary health care re-design by providing improved access to appropriate patient care and enhancing the patient experience with the health care system. In recent years, the Ministry of Health has supported a number of significant initiatives and programs, including enhanced pharmacist prescribing services, to enable pharmacists to work to their full scope of practice and to provide important medication management services for Saskatchewan residents.
The new prices are to be in effect by April 1, 2013.
The six generic drugs to be priced at 18 per cent of brand are: Atorvastatin; Ramipril; Venlafaxine; Amlodipine; Omeprazole; and Rabeprazole.
