Saskatchewan residents will be paying lower prices for generic medicine and medication thanks to a new national generic drug initiative.
The initiative will save those purchasing drugs 6-million-dollars, with potentially as much as 50-million-dollars in savings over the next five years.
Assistant Deputy Minister of Health Mark Wyatt said the savings are going to be huge.
“For those drugs, the range reduction from the current price is between 25 and 40 per-cent,” Wyatt said.
“What that means for some of the highest volume most commonly prescribed drugs is they will now be down to ten per-cent of the brand name costs, so basically a 90 per-cent discount as what the price was when sold as a brand name product,” he said.
The Drug Pricing initiative comes into effect April 1st of this year, and includes nearly 70 generic drugs.