Provinces, territories bulk buying to save millions on generic drug costs
Nine provinces and all three territories say they'll bulk buy some generic drugs used to treat everything from high cholesterol to depression.
The regions are working together to get lower prices for six drugs, which represent about 20 per cent of the publicly funded spending on generic drugs in Canada.
The provinces, except for Quebec, and territories are setting the price point at 18 per cent of the equivalent brand-name drug.
Individual provinces and territories currently pay between 25 and 40 per cent of brand-name prices.
They say this joint approach could produce savings of up to $100 million for provincial and territorial drug plans.
Saskatchewan Premier Brad Wall, who leads a health working group with PEI Premier Robert Ghiz, says drug plan costs have been increasing for all Canadians.