choose affordable medicine

Using generics is one of the best ways to reduce health care costs.

Generics cost an average of 60% less.

Over the next few years, generic versions of several top-selling brand name drugs are expected to become available, giving you more access to affordable medicine. In 2011, the use of lower cost generic prescription medicines saved governments, employers and consumers nearly $8.5 billion.

The savings can be substantial.

Generic drug makers can offer much lower prices because the Canadian Food and Drug Act does not require generics to repeat the extensive clinical trials used to develop brand name drug. Generic drug companies also spend far less on sales, advertising and promotion. The savings can be substantial and are passed along to you in the form of lower prices.

Generics have a positive economic impact.

During tough economic times, people are more conscious of how certain choices affect their spending. With the cost of brand drugs rising, more and more consumers are choosing to take generic drugs as a way to reduce their health care spending. Generic drugs accounted for 60% of all dispensed prescriptions in 2011, up from 44% since 2005.

Using generics is one of the best ways to reduce health care costs.

Provincial governments pay for approximately 50% of all prescription drugs. That means tax payers can save their provincial healthcare system and, ultimately, themselves a great deal of money by taking generic drugs. All Canadian provinces have adopted laws and/or regulations that encourage substitution of brand drugs for generics when an approved, therapeutically equivalent generic version is available. Several provinces require the pharmacist to dispense the generic version unless the prescription specifically states otherwise. If a patient refuses the generic version, that patient will usually be required to pay the difference in cost.

Generic drugs can save the private sector money as well.

Canadian companies spend about $200 million per week on the cost of prescription drugs and these costs continue to rise. As a result, offering benefit plans that cover the cost of prescriptions is becoming more difficult. Companies must absorb the rising cost of these plans, either by increasing the price of their products and services or by reducing employee benefits and salaries. Therefore, it’s in the best interest of employees to reduce the cost of their prescriptions by choosing generics, which offer the same health benefits as brand name drugs at a greatly reduced price.