New report denounces $62 billion wasted without Pharmacare

A new report released by the Canadian Federation of Nurses Unions calculates the amount Canada has wasted over the past 10 years by not implementing a national prescription drug plan. 

In Down the Drain: How Canada Has Wasted $62 Billion Health Care Dollars without Pharmacare, economist Hugh Mackenzie shows that Canadians will waste $7.3 billion in 2016. The report finds this results in $14,000 being squandered every minute of every day as Canadians pay among the world’s highest prices for prescription drugs.

“The case for national Pharmacare has been made,” said Mackenzie. “It is one of those rare public policy initiatives in which there is no downside. With a Pharmacare plan, we will have a significantly more effective system that will cost significantly less.”

“Politically, it should be a no-brainer – eliminate waste and deliver a better service,” said Mackenzie.

The report is being released one day before provincial premiers meet with Prime Minister Justin Trudeau in Ottawa to discuss health care, clean growth, climate change. The meeting takes place 12 years after Canada’s premiers unanimously called on the federal government to implement a national Pharmacare plan. 

“We know that the premiers will be meeting tomorrow regarding climate change issues, and Canada’s nurses fully support these important discussions,” said CFNU President Linda Silas. “However, there are also imperative decisions that must be made around the future of our public health care system in this country, and we believe that new report substantiates that Canadians literally cannot afford to waste another minute without national Pharmacare.”

Canada’s nurses believe pressure on provincial and territorial governments caused by rising health care costs could be alleviated with the implementation of a national Pharmacare plan, which would allow additional funds to be reinvested into the health care system.