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“Generics Drill Big Holes into Canadians” Pockets than Americans” Reveals New Study 

According to the new research conducted by a new Fraser Institute, Canadian prices for generic prescription medicines are on average more than twice of the American prices for the same drugs.

During the study, both Canadian and the U.S. prices for 200 drugs, comprising 100 most prominently prescribed generic and brand name drugs in 2006 were contrasted. It was found that Canadian prices for generic drugs were 115 per cent higher than the U.S. prices on average. In addition, Canadian prices for brand name medicines were also found 51 per cent lesser than American prices on average.

In 2003, Canadian prices for generic drugs and brand name drugs were 78 percent higher and 43 percent lower than the U.S prices respectively. This simply implies that Canadian prices for generics have amplified compared to the U.S., whereas prices for brand-name drugs have reduced.

But why are Canadians paying nearly more than twice of the American prices for generic prescription drugs? It is just on account of government policies which protect generic drug manufacturers and pharmacy retailers from normal market forces that might cut prices naturally.

What’s more, whereas Canadian governments attempt to compel patients to employ generics instead of brand-name preparations, the U.S. governments permit consumers to make own choice.

So, Canadians would be in a far better position if governments immediately revoked those public policies which deform the market for prescription drugs. This would result price reduction and better calculated use of generics.