Switching three prescription drugs classes to over-the-counter medications could save Canadians, employers, insurers and the health-care system $1 billion annually, according to a new report by the Conference Board of Canada.
According to the report, the economic value of switching to over-the-counter medications is an estimated $709.9 million for proton pump inhibitors, which treat gastroesophageal reflux disease; $222.2 million for oral contraceptives; and $106.2 million for erectile dysfunction drugs.
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It also considered the benefits of patients avoiding primary care visits and investigated how a switch to over-the-counter medicine would change the cost burden for public and private drug payers. The majority of savings would come from lower drug costs at approximately $458.4 million, reduced physician visits at $290.2 million and increased economic productivity at $289.8 million, according to the report.
“Removing the need to obtain a prescription from a physician for select medications can help improve access for some Canadians through greater convenience and at a lesser cost,” said Louis Thériault, vice-president of public policy at the Conference Board of Canada. “It also alleviates some of the pressure on Canada’s strained health-care system by decreasing the number of unnecessary doctor visits.”
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While switching would benefit public and private insurers, employers and people with little to no prescription drug coverage, the report noted those already covered under a drug plan would incur additional costs.
As well, there are some potential risks, including misdiagnosis, misuse and adverse events, all of which Health Canada reviews before approving individual medication switches.