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In British Columbia, generic drugs listed on the BC PharmaCare formulary will decrease to 35 per cent of the equivalent brand name drug price, for public and private plan payers. This change takes effect April 2, 2012.
In 2010, the B.C. government made an agreement with the B.C. Pharmacy Association and the Canadian Association of Chain Drug Stores to reduce the price of generic drugs. The Ministry of Health is terminating the agreement effective April 1, 2012, and proceeding to draft legislation with a goal of further reducing the price from 35 per cent for generic drugs to 25 per cent of the cost of brand name drugs by April 1, 2013.
As with the previous phases of drug price reform, these latest changes are expected to have a positive impact on drug claim costs for plan sponsors and plan members.
Please contact our benefit specialists to review your benefit plan to realize more savings with the updated drug reforms.