Quebec Expects $1.2 Billion in Savings With New Drug-Price Deal - (Bloomberg via NewsPoints Desk)

  • Quebec, Canada said it will save at least $1.5 billion Canadian dollars ($1.2 billion) over five years after reaching an agreement with pharmaceutical companies to reduce prices for generic drugs, Bloomberg reported Sunday.

  • Health Minister Gaetan Barrette said that "we pay too much for our drugs, and this was about finding a balanced, reasonable meeting point to protect the industry and jobs, while paying less," adding that "in effect, this is a 40 percent saving, which is huge."

  • The province reportedly spends around $800 million Canadian dollars on generic drugs annually and has been trying to lower healthcare costs by instituting changes affecting doctors, pharmacists and others.

  • The government will use the savings on healthcare services, Barrette said, adding that private insurers will also benefit from the new negotiated prices.

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