Currently, BC residents can purchase generic drugs for 35% of the cost for brand name drugs. Effective April 1, 2013, that will become 25%, saving residents an additional 10%.
The reduction in price is expected to provide savings to the Government that will help enhance patient care for seniors & families. Anticipated savings are $50 million in 2013 and $60 million in 2014.
This change is the first step as a result of the Pharmaceutical Services Act (May 2012), which allows the Minister of Health to regulate the price of prescription drugs. The next phase will take effect on April 1, 2014 – reducing generic drugs to 20% of the cost of brand name drugs.
Generic brands are the same quality, strength, purity and stability as the brand name equivalents and are held to the same strict standards.
Example: The current cost of a 30-day prescription of the cholesterol-lowering drug Lipitor is $55 (not including standard pharmacy fees). The generic version is about $19.
• Starting April 1, 2013, the price of the generic drug will be reduced to 25% of the brand name price, or $14.
• On April 1, 2014, the price of the generic drug will be reduced another 5% to $11.
Encourage your staff to ask for generic prescriptions with an Employee Memo/Meeting from your ENCOMPASS Consultant.
