User:Kgarcia54/Medication costs

To provide context for the medication costs in Canada, the country is a member of the OECD, an international organization that consists of 38 countries which includes countries like the United States, Australia, Germany, and more. Among these 38 countries, Canada ranks number three in medication costs in the OECD.^[1] The Government of Canada found that during the 2020-2021 year, the country had spent 12.3 billion dollars on medication costs. ^[2] In Canada, each province and territory publicly funds their own insurance plan rather than a national insurance plan. ^[3] With differing insurance plans, the medication costs the public varies from area to area. ^[4]

In Canada, the medication pricing is overseen by the Patented Medicine Prices Review Board (PMPRB), which monitors the prices set for patented drugs.^[5] One way the PMPRB evaluates whether drug pricing by patentees is excessive by considering international drug pricing. ^[6] The PMPRB also compares the price of the drug to a similar market.^[7] However, the patentees do not need approval of drug pricing with the PMPRB before listing drugs for sale. ^[8]

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