Cheaper generic drugs in B.C. April 1; prices to be 25% of brand names

VICTORIA – Health Minister Margaret MacDiarmid says British Columbians will pay less for generic drugs starting April 1.

She says new drug-pricing regulations that come into effect that day will cut the cost of generic drugs to 25 per cent of the cost of brand name prescription drugs.

MacDiarmid says the cost for generic drugs will drop an additional five per cent on April 1, 2014.

British Columbians currently pay 35 per cent of the brand-name price for generic drugs.

Last May, the Liberal government passed the Pharmaceutical Services Act after announcing its previous generic drug pricing deal with the B.C. Pharmacy Association and the Canadian Association of Chain Drug Stores wasn’t saving enough money for the government.

The health ministry had estimated savings of $329 million through lower generic prices, but was forced to drop that to $91 million mostly because of exemptions from the generic pricing agreement.