How can “right pricing” support innovation and cost-effective access?
FORMAT: Panel Debate with Discussion
Drugs are the fastest-growing expense in healthcare, accounting for about 16% of total healthcare costs. This is due to a number of factors, such as (1) entry of more expensive drugs, such as biologics; (2) much more effective drugs for large populations such as hepatitis C and those with poorly controlled high cholesterol; and (3) long-term use of drugs for “previously fatal” diseases that are now managed as “chronic” conditions, such as cancer and HIV. National Pharmacare as a single purchaser would allow Canada to negotiate more effectively for lower drug prices.
Canada already receives some of the lowest drug prices among countries with comparable GDPs. Imposing ceilings on generic drug prices and joint negotiations through the pCPA have already reduced some drug costs. If Canada wants to be a “top-tier” country for investment in R&D, clinical trials, and access to new medicines, it must pay a “fair” price that will balance access for patients, support for innovation, and budget impact. Canada should position itself to be more attractive to researchers and developers, not less, and to that end should look at other jurisdictions that have been able to achieve economic as well as health benefits from innovation in medicines.
Patients want clinical trials and new medicines available in Canada as soon as they are in the USA and Europe. Many of our patients are forced to travel to other countries to take part in trials, even sometimes when the drugs are discovered in Canada. For patients with life-threatening conditions, clinical trials and early access make the difference between life and death.
Information on how to register for the webinar and other details will be announced shortly.
This is one of six webinars in a National Pharmacare Debate series hosted by CORD.
For the complete list of webinars in this series, click here.