VANCOUVER (NEWS1130) – A move by the province to push down the cost of generic drugs is being welcomed by critics of BC’s previous deal with pharmacies and drug stores.

Rennie Hoffman with the Better Pharmacare Coalition says the government is making the right move, following Ontario’s lead in lowering the cap on generic drug prices. The province will limit the price on generics to 25 per cent of what their brand name equivalents sell for.
“We’re very happy to see the reduction. It means savings for people in the province and hopefully savings for the health ministry as well,” explains Hoffman.

The province will terminate its existing generic drug contract, signed in 2010.

“The government chose at that time to essentially go to a 35 per cent cap rather than the 25 per cent that Ontario had chosen to legislate just months before that,” notes Hoffman, adding he feels that was a mistake on BC’s part.

The Ministry of Health found savings under the deal fell tens of millions of dollars short of what was expected in the last year.