Canadian drug prices are generally lower than in the US, but understanding the system is key. Patented drugs are subject to price controls set by the Patented Medicine Prices Review Board (PMPRB). This board regulates the maximum price manufacturers can charge. Generic drugs, however, face far less regulation, leading to greater price variations.
Factors Affecting Drug Prices
Several factors influence the final price you see. Provincial formularies determine which drugs your health insurance plan covers, impacting out-of-pocket costs. Your specific prescription, dosage, and quantity also directly affect the overall price. Pharmacies themselves have some pricing flexibility within limits set by regulations and wholesale costs.
Finding Affordable Medications
Compare prices across different pharmacies. Many online pharmacies operate legally in Canada, offering competitive prices. Always check the pharmacy’s legitimacy and licensing. Consider using a generic drug if a suitable alternative is available; it will usually be considerably cheaper. Explore provincial drug assistance programs for financial help if needed.
Regulatory Bodies
Health Canada regulates the safety and efficacy of all drugs sold in the country. The PMPRB sets price controls on patented drugs, while provincial regulatory bodies oversee pharmacy practices. Understanding these distinct roles clarifies the complexity of the Canadian drug pricing system.
