Nova Scotia’s Fair Drug Pricing Act came into effect July 1 to lower drug prices.
"As part of our commitment to make life better for Nova Scotians, the act will result in lower prices for generic drugs and make sure Pharmacare remains in place for Nova Scotians who need it," said Health and Wellness Minister Maureen MacDonald.
By August, Nova Scotians will pay less for each prescription of most generic drugs at the pharmacy counter.
Pharmacies in the province will have until Aug. 1 to clear out their stock of drugs at the old price and get stock in at the new price, said the provincial government.
"Nova Scotians have paid too much for generic drugs in the past, more than people in other provinces and most countries. This is changing with the Fair Drug Pricing Act, which will bring prices for generic drugs here in line with those in other parts of Canada," said MacDonald.
A cap will be set on generic drug prices based on the price of equivalent brand drugs under the Pharmacare programs.
The cap will be phased in over one year:
•July 1, 2011: A cap of 45 per cent was put in place.
•Jan. 1, 2012: The cap will move to 40 per cent.
•July 1, 2012: The cap will move to 35 per cent.
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