Generic Drug Costs to Come Down
Saturday, November 24, 2012 @ 4:32 AM
Vancouver, B.C. – The provincial government says it will follow through on the commitment made earlier this year to lower the cost of generic drugs.
A new drug pricing regulation will come into force on April 1, 2013, reducing the price of generic drugs to 25 per cent of the brand name price immediately, and to 20 per cent as of April 1, 2014. Currently, British Columbians pay 35 per cent of the brand name price for generic drugs.
Health Minister Margaret MacDiarmid says people will pay less when they fill their prescriptions and “these price reductions will result in savings to our Government that will help enhance patient care for seniors and families.”
The new regulation allows the Minister of Health to regulate the price of prescription drugs. Generic drugs have the same quality, strength, purity and stability as their brand name equivalents and are made to the same strict standards.
Comments
Why not reduce the brand name as well, two tiered wealth at its finest. Only the best for the rich!
As far as I know, generic and brand name are no different. I’ll be glad for the savings, as some of my medication isn’t covered by my extended health.
Brand or Trade medications are designed solely for the treatment of specific issues, tested and retested and have an established track record for safety. Generic medications can quite often have side effects not see with the Brand or Trade medications. Some times drug interactions are seen in those who use generic medications in concert with other Brand medications and vice versa.
Generic medications are not always safer contrary to popular belief. Some folks can tolerate a generic where as others need to have only the brand medications. Like synthetic insulin, lots of folks can use the synthetic with little or no issues and some other folks can’t use the synthetic insulin at all due to serious reactions.
So cheaper is not always the way to go depending on your current health issue requiring medications. This is a conversation everyone needs to have with there family doctor when they are prescribed a medication for treatment of a health issue.
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