07-09-2010, 06:31 PM
Quote:The price of generic prescription drugs in B.C. will drop by almost 50 per cent under a new deal reached with drug stores and pharmacists, according the Health Minister Kevin Falcon.
"Quite simply, we were paying too much for some of the most popular drugs for high blood pressure, heartburn, depression, epilepsy and cholesterol," said Falcon on Friday morning. "Change was needed if we want to keep drug costs sustainable and redirect the money to cover new drugs and provide better services."
Under the deal, the cost of generic prescription drugs will drop from 65 per cent of the brand name cost to 35 per cent.
Just as Ontario did when it moved to slash generic prices this spring, B.C. will achieve the savings by scaling back the rebates pharmacists get from generic drug manufacturers for selling their drugs, which can run as high as 60 to 70 per cent of the dollar value of the drug.
Ontario eliminated those rebates completely (B.C. is merely reducing them) and mandated that generics cost no more than 25 per cent of the brand drug, down from 50 per cent, effective July 1.
A good start. We should of done exactly what Ontario did but this is still half descent. Do we have to pay hst on prescriptions?
But if the dispensing fees are going to increase won't it just nullify any savings then?
Read the rest here