Generic drug deal to save Quebec more than $300 million yearly
MONTREAL — The Quebec government says it will save more than $300 million yearly on generic medications after reaching a deal with the association representing Canada’s generic pharmaceutical companies.
Health Minister Gaetan Barrette believes the five-year agreement in principle will save the province $1.5 billion, which will be redistributed into the health-care system. The Canadian Generic Pharmaceutical Association says the deal includes further price discounts and the launch of new cost-saving generic prescription medicine.
The association said in a statement a key clause in the deal is that Quebec won’t put out tenders for generic prescription drugs.
It says a negotiated deal is a better bet for everyone: taxpayers, patients, health-care providers and the generic pharmaceutical industry. Quebec already spends about $ 800 million a year on generic drugs and Barrette wanted to reduce those costs.
The agreement, announced Sunday, is expected to come into effect this October.