A new national drug pricing initiative is expected to save the Saskatchewan Drug Plan up to $50 million over the next five years.
The provinces and territories developed the new initiative with the Canadian Generic Pharmaceutical Association to significantly reduce the price of some of the most commonly prescribed generic drugs.
“We know medicine is expensive, and our government is committed to providing Saskatchewan residents with the best value for the important drugs they rely on,” said Health Minister Jim Reiter in a statement.
“In addition to benefitting the public, it benefits the province as well. The savings we realize will help our public drug plan provide coverage for new and innovative drugs, and increase the plan’s sustainability.”
Prices will be reduced by 25 to 40 per cent on nearly 70 generic drugs, including those for high blood pressure, high cholesterol and depression.
The initiative, which comes into effect on April 1, is expected to save the province up to $6 million in the first year.
Officials said savings for patients and employers are expected to match or exceed those achieved by the Saskatchewan government.
There is also a commitment from drug manufacturers to continue to bring generic drugs to the market and ensure a stable supply.