VANCOUVER (NEWS1130) – The cost of generic prescription drugs in BC is about to become cheaper.

Health Minister Margaret MacDiarmid says over the next two years, the cost of generic prescriptions in our province will drop to 20 per cent of what their brand name equivalents cost.
    
She says the new drug-pricing regulations will save taxpayers a lot of money.

“This regulation is going to make a difference and lower costs for our provincial drug plan. We’re estimating about $110 million of savings for taxpayers over the next two years, starting in April of next year.”

Beginning April 1, 20123, the price of generic drugs will be reduced to 25 per cent of their brand name counterparts, and to 20 per cent as of April 1, 2014.

Right now, generics cost 35 per cent of the name brands.
    
The BC government passed legislation last spring that paved the way for lower-cost generic drugs.