2021 Federal Budget Needs Concrete Actions on Pharmacare

The COVID-19 pandemic has shown the need for a universal public single-payer pharmacare program in Canada.

“The Surrey Board of Trade has advocated for a singlepayer universal pharmacare program since 2016,” said Anita Huberman, CEO, Surrey Board of Trade. “We recognize that pharmacare will be good for business by reducing the costs that companies face in providing drug coverage for their employees.”

“The burden of Canada’s incomplete and inefficient system of public drug coverage falls heavily on businesses, especially small and medium-sized enterprises who are the backbone of Canada’s economy. With rising costs of medications, many businesses are seeing their bottom line erode and some find they simply cannot afford to provide insurance plans for their employees.”

“In 2019, the Parliamentary Budget Officer estimated that universal, public pharmacare would reduce employersponsored drug costs in Canada by over $10 billion per year. These are substantial savings for the business community. These resources could be used for research and development, growth, and innovation in Canada. This is especially important in light of the COVID-19 situation that we are facing today.”

Heavy burden on business Drug coverage in Canada is provided through an incomplete patchwork of private and public programs that vary across provinces. This fragmented system limits people’s access to medicines, diminishes our drug purchasing power, duplicates administrative costs, and isolates pharmaceutical management from the management of medical and hospital care. It is needlessly costing Canadian businesses billions of dollars every year. Prescription drugs are the largest and fastest growing component of extended health benefits in Canada. Business owners should not be responsible for managing access to these life-saving medications. No comparable country with universal health care requires individual employers to do so. The average business owner who provides drug coverage will save over $750 annually per employee with a universal pharmacare program. Research indicates that if implemented by 2027, businesses and employees will see their prescription drug costs reduced by $16.6 billion annually in Canada. businessinsurrey.com/wpcontent/uploads/2019/05/ Sbot-resolution-pharmacarefinal.pdf