Who benefits when we import medicines from Canada?
What is the problem?
Retail prescription drug spending in the United States totaled $405 Billion in 2022 and grew 8% from 2021. States are passing legislation to import medicines from Canada in an attempt to lower prescription medicine prices for their constituents.
Why is it important?
Importing medicines from Canada will have limited impact on the cost of prescription medicines for insured patients and the practicalities of doing so will further reduce any potential savings. Canada must first agree to export their medicines, then there is a required quality check to verify a medicines authenticity in order to sell the medicines in the United States and pharmacies will also need to renegotiate contracts with their wholesalers to accommodate any changes in the amount of medicines they are ordering, which could reduce any volume discounts they currently receive. While this process will still result in savings for uninsured patients, the expected price difference for insured patients is minimal and approximately $9 for a one-month supply of Eliquis.
What is the solution?
Approximately 73% of Americans believe there is not enough regulation of prices for prescription medicines in the United States. Instead of importing medicines from Canada that will have little or no impact on affordability for a majority of Americans, the focus should be on developing policies that lower the maximum out-of-pocket costs or copays for prescriptions.