Using data quantifying Canadian prescription drug use and spending, researchers believe that Canada could save up to $9.4 billion a year by switching to a universal pharmacare program.
The researchers analysed prescription drug data from the 2012-2013 fiscal year and determined that if Canada were to switch to a universal program, the economic savings would be at least $4.2 billion dollars, and at most $9.4 billion.
Two of the largest factors the researchers examined in their scenarios were prescription drug use, which is expected to rise, and cost, which researchers believe will decrease as Canada’s purchasing power increases under a universal pharmacare program.
Original research paper published in the CMAJ on March 16, 2015.
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