Canada's generic drug industry has agreed to cut prices 25 per cent to 40 per cent for provincial/public drug plans, in exchange for suspending open tenders for five years. The pan-Canadian Pharmaceutical Alliance made the announcement on Monday on behalf of participating federal, provincial, and territorial public drug plans and the Canadian Generic Pharmaceutical Association. Canada has world's third-highest drug prices4:12More than 70 per cent of all prescriptions reimbursed under Canada's public drug plans are generic drugs, the alliance said. Under the new agreement, provincial and territorial governments agreed not to pursue tendering for participating drug plans over the five-year term. Savings of up to $3 billion for public drug plans are expected over five years.

Source: CBC News January 29, 2018 19:58 UTC