Photo: Arek Socha / Pixabay
Health Canada announced it is making changes to patented medicine regulations to protect Canadians from excessive drug prices. After the United States and Switzerland, Canadians pay the highest patented drug rates in the world.
Health Minister Ginette Petitpas Taylor stated the bills are the most significant measure towards lower drug prices in a generation. Savings on patented drug costs are expected to reach $13 billion over ten years.
Amendments include, for the Patented Medicine Prices Review Board to examine whether the price of a drug reflects the value it has for patients.
Adjusting the current list of countries Canada uses to establish drug prices with countries that are more similar to Canada in terms of health care, population, and economy.
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