PMPRB Report Reviews New Drugs and Their Potential Impact on Future Drug Spending in Canada
November 5, 2024
The Patented Medicine Prices Review Board (PMPRB) has released a new report that reviews the prices of new drugs and their potential impact on future drug spending in Canada. The report finds that the prices of new drugs are continuing to rise, and that this is a major concern for the sustainability of Canada’s healthcare system.
The PMPRB is an independent agency that regulates the prices of patented medicines in Canada. The board’s mandate is to ensure that the prices of patented medicines are not excessive and that they are fair to both consumers and manufacturers.
The PMPRB’s report reviews the prices of new drugs that were launched in Canada between 2019 and 2023. The report finds that the average price of a new drug in Canada was $25,000 in 2023. This is a 4% increase from the average price of a new drug in 2019.
The report also finds that the prices of new drugs are rising faster than the rate of inflation. In 2023, the prices of new drugs increased by 6%, while the rate of inflation was only 3%.
The PMPRB’s report is a major concern for the sustainability of Canada’s healthcare system. The rising prices of new drugs are putting a strain on government budgets and on the ability of Canadians to afford the drugs they need.
The PMPRB is calling on the government to take action to address the rising prices of new drugs. The board recommends that the government implement a number of measures, including:
- Establishing a national pharmacare program to provide coverage for all essential drugs
- Negotiating lower prices for new drugs with manufacturers
- Cracking down on drug companies that are engaging in price gouging
The government has not yet announced whether it will implement the PMPRB’s recommendations. However, the report is likely to put pressure on the government to take action on the rising prices of new drugs.
PMPRB report reviews new drugs and their potential impact on future drug spending in Canada
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