The Quebec life and health insurance industry has expressed its support for the agreement in principle reached between the Quebec government and the Canadian Generic Pharmaceutical Association (CGPA). The deal is expected to result in substantial savings on generic drugs for the province’s healthcare system.
Quebec’s health minister, Gaétan Barrette, announced the deal on July 16. He expects it will result in more than $1.5 billion in savings on generic drug costs over the five-year agreement.
Ensures viability of the generic drug industry
Jim Keon, president of the CGPA, said the agreement will “help ensure the ongoing viability of the generic pharmaceutical industry, as well as the continued and future supply of cost-saving generic pharmaceutical products.”
Insurers hope their clients will benefit
In a statement issued July 17, ACCAP-Quebec – the Quebec arm of the Canadian Life and Health Insurance Association – said it welcomes news of the agreement and hopes that group insurance plan sponsors will also benefit from lower generic drug pricing.
"The insurance industry has always supported lower prices for prescription drugs because this benefits members of supplementary health plans, so we are on board with the Minister's announcement," stated Lyne Duhaime, president of ACCAP-Quebec. "The details of the agreement are still confidential, but we are very hopeful that we can all work together – the government, pharmacists and insurers – to make sure that Quebec consumers and plan sponsors all benefit from this initiative."