The Canadian Institute of Actuaries is recommending that any future national pharmacare system includes an actuary to oversee its revenue, expenses and funding status.
“Canada’s actuaries — with public interest in mind — advise that any national pharmacare program should be based on sound risk management, financing and insurance principles,” noted the CIA in a press release.
The recommendation follows the advisory council on the implementation of national pharmacare’s final report, published last week, which called for the federal government to work with the provinces and territories to create a single-payer public pharmacare program.
The CIA noted the job’s duties should include: evaluating the costs and benefits of various policy designs and trade-offs to ensure the plan remains stable in the long term; assessing the funding mechanisms and levels that would be necessary for fiscal integrity and stability; and working with the Canadian drug agency on costing and pricing analysis.
It also recommended extensive and regular reporting to Parliament to keep the system accountable to Canadians, and that the government should remain in control of benefits policies, operations and amendments.
“The institute stands ready with the knowledge, experience, tools and expertise to assist all governments should they decide to move ahead with the recommendation of the advisory council on the implementation of national pharmacare,” said John Dark, president of the CIA.