Canadian generics group in deal for C$560 million savings over three years

Atlantic Canadians will save an estimated C$560 million ($500 million) through an unprecedented three-year agreement reached between Canada's provinces and territories and the generic pharmaceutical industry, Jim Keon, president of the Canadian Generic Pharmaceutical Association (CGPA), said today.

"This national framework provides enormous additional savings to the health-care system without further jeopardizing the supply of cost-saving generic pharmaceutical products and the services provided by pharmacists in neighborhood pharmacies across Canada," said Mr Keon speaking at the Atlantic Summit on Healthcare and Drug Cost Sustainability in Charlottetown, adding: "This agreement is an important benchmark in our efforts to establish a stable, predictable and sustainable environment for the development and production of cost-saving generic pharmaceutical products."

Prices of 18 top-selling generics to be slashed to 18% of brand drug cost