Buying medications in Canada is cheaper than buying them in the United States. There are several reasons that this is the case. Some of these reasons are the legality of drug importation, the regulation of drug costs, and the availability of medications in Canada.
Despite a recent tweet by President Donald Trump, the Trump administration is still working on a plan to allow importation of some drugs from Canada. If passed, the plan would eventually lower drug costs. It would allow consumers to import a 90-day personal supply of medicines from Canada. It would also allow them to bring home a prescription for a cheaper drug.
A recent survey showed that 82% of Americans want to see drug manufacturers reveal their prices. It is also estimated that 71% of the public would like to be able to purchase prescription medications from Canada.
The United States is one of the most expensive pharmaceutical markets in the world. It is also home to a large uninsured population, and prices for drugs have skyrocketed.
Canadians are able to get prescription drugs at lower prices than Americans because of regulation. In Canada, prescription prices are regulated by the Patented Medicine Prices Review Board (PMPRB). The review board sets the maximum allowable price, and also regularly checks prices for prescription drugs.
Regulation of medication costs
Several provinces have stepped up to make significant advancements to help reduce the cost of prescription medications. They hope to see significant price reductions and increase access to drug treatments. In the first five years of the pCPA, provinces and territories estimate that the plan will save $490 million in drug spending.
New rules give regulators the authority to review new drugs on their cost-effectiveness. Some drugs that are currently available in the United States will be affected by these changes.
New laws could also lead to lower prices for some drugs already on the market. The review board decides on reasonable prices for medications. These prices are kept confidential.
The new regulations also put in place new features that consider the impact of the regulation on the government budget. Some of these measures include limiting markups, formulary management, and a price freeze.
The PMPRB monitors drug prices in Canada. It has declared some prices illegal based on patent rights.
Access to medications for Canadians
Medications in Canada are generally cheaper than those in the U.S., but you can save a substantial amount of cash by ordering from a trusted Canadian pharmacy.
The best way to get an idea of what you can expect to pay for a prescription is to compare prices from one pharmacy to the next. This is similar to the process used to find a discount at the grocery store.
In Canada, the pCPA (pan-Canadian Pharmaceutical Alliance) is a group of provinces and territories that work together to lower drug prices. The group hopes to further lower drug costs by developing strategic negotiating positions.
The pCPA has a few objectives: improving consistency of coverage criteria across Canada, ensuring better drug treatment options are available, and achieving lower drug costs. All of these goals are achieved through a combination of strategic negotiating positions and joint collaboration.
The pCPA isn’t the only group working to lower drug prices. A number of pharmaceutical companies are also lowering prices to keep their Canadian business.
Legality of drug importation
During his campaign, Donald Trump announced his support for allowing legal drug importation from Canada. Trump promised that this would make Canadian drugs cheaper. His administration hasn’t been very active on the issue, but there have been a few moves to move forward.
In December, the Trump administration proposed a regulation that would make it easier for state governments to set up a drug importation program. They’d have to send the drugs to labs to confirm their authenticity. Despite the potential savings for consumers, the additional resources needed to ensure the safety of drugs from abroad would exceed any savings.
In the wake of the proposed regulation, dozens of states have considered legislation to make drug importation easier. Colorado is working on legislation, and Maine is one of several states seeking federal permission to buy drugs from Canada.
The Trump administration hasn’t yet set a timeline for authorizing state importation plans. The state of Florida is the biggest swing state in the presidential election, and its legislation would set up two importation programs. The state would have to submit a plan to the HHS in February 2021.