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$2.2 billion in savings with Universal Pharmacare

By Adam Riley Oct 17, 2023 | 11:42 AM

Screen capture from Parliamentary Budget Officer report

A cost estimate is out from the Parliamentary Budget Officer on what a single payer universal drug plan would look like over a five year plan effective January 1st 2024.

The report builds upon one published in 2017 in response to Parliamentarians’ interest in the implementation of a pharmacare plan.

It notes while there would be an additional cost to the public sector of $2.2 billion between 2024/2025 to 2027/2028, economy-wide savings of the same amount would be accomplished by 2027-2028.

PBO Yves Giroux says the report is based on a national application of the drug formulary from Quebec.

“According to our estimates, the additional cost to the public sector is estimated to be $11.2 billion in 2024-2025, increasing to $13.4 billion in 2027-2028”.

Giroux adds the numbers of the increase and savings would come as a result of increased negotiating power with a single payer system.

The full report can be found here.