Generic drug deal to save Que­bec more than $300 mil­lion yearly

The Guardian (Charlottetown) - - BUSINESS -

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.

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