THE BETTER WAY - PUBLIC AND PRIVATE SECTORS WORKING TOGETHER TO REFORM PHARMACARE IN CANADA
News ReleaseRelease Date: 03/26/2015 Staff Reference: Wendy Hope
(TORONTO) The life and health insurance industry supports significant reform to Canada's pharmacare system. As noted in a number of recent studies, there are billions of dollars to be saved by leveraging the full bargaining power of the Canadian marketplace to negotiate lower drug prices. "Bulk purchasing of drugs will lead to major savings. These savings can be achieved through greater cooperation between the public and private sectors. A single government monopoly is not needed", states President and CEO of the Canadian Life and Health Insurance Association (CLHIA) Frank Swedlove.
"The Canadian life and health insurance industry stands committed to working with governments to obtain these savings," notes Swedlove. "At the same time, we must preserve the benefits from competition and innovation that the private sector provides to the marketplace."
For more information, please see CLHIA backgrounder.
About the CLHIA
Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent 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 almost 28 million Canadians. It also holds close to $647 billion of assets in Canada and employs about 150,100 Canadians.
For more information please contact:
Wendy Hope, Vice President, External Relations