LIFE AND HEALTH INSURANCE INDUSTRY WELCOMES LOWERING OF GENERIC DRUG PRICES
News ReleaseRelease Date: 01/29/2018 Staff Reference: Wendy Hope
(Toronto, January 29, 2018) – The Canadian life and health insurance industry welcomes today’s joint announcement by the Pan-Canadian Pharmaceutical Alliance (pCPA) and the Canadian Generic Pharmaceutical Association (CGPA) that they have come to an agreement to reduce prices for generic drugs by 25-40%.
“This is wonderful news and we’re especially pleased that these discounts will continue to apply to employer-sponsored plans to the benefit of all working Canadians,” noted Canadian Life and Health Insurance Association President and CEO Stephen Frank. “This agreement will reduce costs in the system and help ensure that employers will be able to continue to afford their employee supplementary benefit plans,” he added.
The CLHIA congratulates the pCPA and the CGPA on their cooperative approach to finding a meaningful solution to maintain the sustainability of our prescription drug system. The CLHIA believes that innovative government and private sector partnership agreements such as this are the best way forward to ensuring the affordability of prescription drugs for all Canadians.
About the CLHIA
The CLHIA is a volunteer association whose member companies account for 99% of Canada’s life and health insurance business. The industry provides a wide range of financial security products such as life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to more than 28 million Canadians. It also holds over $810 billion in assets in Canada and employs nearly 155,000 Canadians.
For more information:
Wendy Hope, Vice President, External Relations