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Prescription Drugs Insurance Canada

A prescription drug is a licensed medicine that is regulated by legislation to require a prescription before it can be obtained. The term is used to distinguish it from over-the-counter drugs which can be obtained without a prescription.

Generic Substitution

Generic drugs may be a different color or shape, but they contain the same medicinal ingredients as their brand-name equivalent. Generic and brand-name drugs are subject to the same standards of safety, effectiveness, and quality. However, the one distinct difference between generic and brand-name drugs is price. In fact, according to the Canadian Generic Pharmaceutical Association, “On average, generic drugs are priced 45 per cent lower than their brand-name equivalents.”

Prescription drugs have a significant impact on extended health care rates with 75 - 80 per cent of your rate being attributed to prescription drug coverage. The purchase of generic drugs means lower claims and ultimately, better rates. By choosing generic drugs, employees will also realize immediate cost savings at the time the prescription is filled.