The government of British Colombia has introduced legislation to reduce the price of generic drugs after a failed price regulation deal with the pharmacy industry. Currently, generic drugs cost 35 percent of their brand-name counterparts, but Health Minister Mike de Jong said that the proposed legislation will cut that price down to 25 percent of brand-name drugs. Similar cuts in generic prescription drug prices are taking place in Ontario, where the government announced on April 20 that it is lowering the price it will pay for the top 10 generic drugs to 20 percent of their brand-name equivalents, down from 25 percent.
Sources:
- http://www.theglobeandmail.com/news/politics/bc-introduces-legislation-to-reduce-the-price-of-generic-drugs/article2413314/
- http://www.theglobeandmail.com/globe-investor/pharmacies-take-hit-as-ontario-cuts-generic-drug-payments-again/article2411548/
- http://www.thestar.com/news/canada/politics/article/1169533--ontario-pharmacies-cry-foul-over-plan-to-cut-generic-drug-prices