Insurers are backing the federal government’s changes to drug pricing regulation, welcoming the government’s efforts to make medicines more affordable and accessible.
The federal government recently announced the final amendments to the Patented Medicines Regulations, which aims to give the Patented Medicine Prices Review Board (PMPRB) the right tools to ensure that medicine prices in Canada are properly priced.
Broadly speaking, the amendments do the following to help control drug prices:
Several insurance companies have come forward to welcome the amendments.
Carbell added that the changes are important since “it will help employers continue to provide comprehensive drug coverage to employees and their families.”
“We endorse the federal government’s reforms to make prescription drugs more affordable for Canadians,” said Canada Life executive vice-president of group customer Brad Fedorchuk in another statement. “The life and health insurance industry has been vocal in support of these changes, and Canada Life applauds this step.”
Fedorchuk mentioned that once the government implements the reforms, benefits plan sponsors and their members will also see reduced costs, keeping workplace benefit plans affordable for private drug coverage.
“This is a win for Canadians,” the executive vice-president remarked.