The addition of four new drugs to the pan-Canadian approach to generic drug purchasing will result in savings for Prince Edward Island, says Health and Wellness Minister Doug Currie.
“Achieving lower prices for generic drugs allows us to invest the savings in our provincial drugs programs to provide better access to fair drug prices for Islanders,” said the minister.
The minister attended the Health Care Innovation Working Group meetings last week. During those meetings, the provinces and territories identified four additional generic drugs for price reductions in 2014. Those drugs are:
• Rosuvastatin – to treat high cholesterol
• Pantoprazole – to treat a variety of gastrointestinal conditions
• Citalopram – to treat depression
• Simvastatin – to treat high cholesterol
The estimated savings on these four drugs is $50 million across Canada. The savings for Prince Edward Island are an estimated $250,000.
The premiers directed the Health Care Innovation Working Group, composed of provincial and territorial ministers of Health, to move forward with an initiative to achieve better prices for generic drugs. The first six generic drugs under the initiative were announced last year.
The work of the Health Care Innovation Working Group builds on Prince Edward Island’s work to improve access to fair drug prices. With a total estimated savings of $1.5 million as a result of the reduction in the price for the 10 generic drugs, the Department of Health and Wellness has been able to reinvest in its Pharmacare programs, resulting in better access to prescription medication coverage for Islanders. Since 2006-2007, government has added or expanded coverage of 195 medications to the provincial formulary.