Published on: July 17, 2017 | Last Updated: July 17, 2017 11:35 AM EDT
More than $300 million will be saved annually on generic drugs thanks to a five-year deal reached with the Canadian Generic Pharmaceutical Association, according to Provincial Health Minister Gaétan Barrette. Phil Carpenter / Montreal Gazette
The agreement reached between the Quebec government and the generic drug industry is not only good for the healthcare system, but also the economy, the Fédération des chambres de commerce du Québec said Monday.
Provincial Health Minister Gaétan Barrette announced on Sunday that more than $300 million would be saved annually on generic drugs thanks to a five-year deal reached with the Canadian Generic Pharmaceutical Association, and that those funds would be re-invested into healthcare.
Féderation president Stéphane Forget feels the deal is the perfect mechanism to obtain lasting savings while ensuring a stability that will nurture the development of the generic drug sector in Quebec.
The group also noted that the deal allows savings for the healthcare system, but maintains existing market conditions allowing product shortages, price hikes and reduced investment in the generic drug industry to be avoided.
The generic drug industry generates about $843 million in direct and indirect revenue annually and generates more than 4,000 jobs.Related
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