Canadian drug prices are generally lower than in the United States, but the system is complex. Patented drugs are subject to price controls set by the Patented Medicine Prices Review Board (PMPRB). This board examines drug prices compared to other G7 countries, aiming to keep them reasonable. Generic drugs, once patent protection expires, face much less regulation, leading to greater competition and lower costs.
Factors Influencing Canadian Drug Prices
Several factors influence the final price you see. These include the manufacturer’s pricing strategy, the dispensing pharmacy’s markup, and provincial or territorial formularies. Provincial formularies list drugs covered by public insurance plans; this can impact out-of-pocket costs. Importantly, the strength and dosage of a medication directly affects the cost. Higher doses generally cost more.
Finding Affordable Medications
Consider using a comparison website to find the lowest price for your prescription. Many Canadian pharmacies offer online services, allowing for price comparisons and convenient ordering. Always verify the legitimacy of any online pharmacy before making a purchase. Check their licensing and accreditation to ensure safety and avoid counterfeit medications. Consult your doctor or pharmacist for guidance on suitable and cost-effective alternatives.
