New Regulations To Lower Prescription Drug Costs Delayed Until 2021 - InvestingChannel

New Regulations To Lower Prescription Drug Costs Delayed Until 2021

Canada’s drug pricing agency said that it is pushing back new regulations aimed at lowering the costs of prescription drugs.

The Patented Medicine Prices Review Board said new regulations aimed at lowering the cost of medications will now come into force in January 2021 instead of next month as planned.

Last August (2019), the federal government proposed the new regulations under patent protection despite heavy lobbying from drug makers that stand to lose billions in revenue from the pricing changes.

The new rules will base Canadian drug prices on those from a group of countries with lower medication costs. The new rules will also give regulators the power to review new medicines based on cost effectiveness.

The Patented Medicine Prices Review Board said it will publish a new draft of the regulations later in June of this year, which would be followed by a 30-day written consultation period.