Business owners in Nova Scotia will likely be saving money on their prescription drug costs this year.
Thanks to the province’s Fair Drug Pricing program, the price of generic drugs will be capped at 35% of the equivalent brand name drug on Aug. 1.
“A year ago, Nova Scotians were paying some of the highest prices in the country and the world for generic drugs. We have put a stop to that, and have introduced fair drug prices through our Pharmacare Programs,” said David Wilson, Minister of Health and Wellness.
The reductions happened in a phased approach, with the first reduction on July 1, 2011, followed by a second reduction on Jan. 1, 2012. The third and final drop in this series of reductions will take effect Aug. 1, and will move the cap for the cost of most generic drugs to 35%.
“Before bringing in fair drug prices, spending on prescription drugs had almost doubled in the past eight years. We needed to keep this spending in check,” said Wilson.
“I am proud to say that all Nova Scotians are paying less now, regardless of whether they are covered by Pharmacare, a private plan or pay cash for their prescriptions. The province will continue to seek ways to control drug costs in the future, when opportunities arise.”
Before the fair drug pricing went into effect, a Nova Scotia senior paid $41.35 for three months of simvastatin (80mg), a generic drug used to lower cholesterol. As of Aug. 1, the same senior will now pay $28.54.