January 18, 2013 / 6:14 PM / in 5 years

Canada's provinces agree to lower generic drug price caps

Jan 18 (Reuters) - Canada’s provinces and territories will cap the prices of six widely prescribed generic drugs at 18 percent of their branded equivalents, the Council of the Federation, which coordinates policy among the governments, said in a release on Friday.

They are currently paying between 25 and 40 percent of the branded equivalent for the six drugs. The changes are to come into effect by April 1, 2013.

The move may put further pressure on Canadian pharmacy chains such as Shoppers Drug Mart Corp, which have already been hurt by a regulatory changes designed to cut the cost of generic drugs.

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