Prescription drugs are seen on shelves at a pharmacy in Montreal.
The federal government’s budget is setting aside $1.5 billion to implement pharmacare – a major financial commitment with the potential to have a wide-ranging impact on the country’s health-care system.The federal government's latest budget sets aside $1.5 billion to implement pharmacare — a major financial commitment with the potential for a wide-ranging impact on the country's health-care system.
According to the Parliamentary Budget Office , total prescription drug spending in Canada in 2021-22 amounted to roughly $36.6 billion. Of that total, 46 per cent was covered by public sources, 40 per cent was covered by private insurance, and 14 per cent was paid for out-of-pocket.
Federal Health Minister Mark Holland speaks about new national pharmacare legislation during a press conference in Ottawa on Thursday, Feb. 29, 2024. Adriana LaGrange, minister of health for Alberta, makes a health care announcement in Calgary on Thursday, Dec. 21, 2023. Without finalized agreements with the provinces, it's hard to say exactly how much the program will cost. Estimates released in the federal budget indicate that the first phase will cost $1.5 billion over five years.
Pharmacare advocates also note that Canadians pay some of the highest individual prescription drug prices among OECD countries.
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