Canada could save $7B by covering prescriptions under our universal health care: UBC study
Posted March 16, 2015 10:31 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Canada would save $7.3 billion per year if our government added coverage for necessary prescription drugs to our universal health care program, according to a new study.
UBC economist Dr. Steve Morgan was the lead author of the study, published in the Canadian Medical Association Journal.
“Surprisingly, our system that does not cover everyone for medicines actually costs us more money in the long run because it makes it so that Canada doesn’t have the purchasing power that it should on the world market for pharmaceuticals,” he tells us.
“It would only cost Canadians approximately $1 billion, in terms of increased taxes to fund the expanded program that would provide everyone with public coverage,” says Morgan, adding it would be offset by increasing the use of generic drugs and purchasing them in bulk.
He says it would mean about $5 billion in savings for companies and unions that sponsor work-related drug benefits.
