Posted by Michael Wonder on 28 Feb 2019
Drug prices aren’t a big problem, but Ottawa’s trying to control the market anyway
28 February 2019 - New policies will reduce access to new medicines for patients and impose massive new costs on taxpayers.
The federal government is changing regulatory guidelines used by the Patented Medicine Prices Review Board to force lower prices for new drugs. At the same time, Ottawa is considering ways to implement national pharmacare, which the federal Liberals are expected to announce as part of their upcoming budget. The official justification for both is the same: the cost of pharmaceuticals.
But policy-makers are not fully informed about pharmaceutical costs, particularly regarding patented medicines. This should alarm patients and taxpayers. The potential unintended consequences are significant. Previous research suggests these policies will reduce access to new medicines for patients and impose massive new costs on taxpayers. Facts matter.
