Will Canadian drugs reduce healthcare costs?

Will Canadian drugs reduce healthcare costs?

If you’ve been following healthcare news for the past few years you’ve no doubt heard the stories of skyrocketing prescription drug costs. Whether it’s the life-saving EpiPen, alleged price-fixing between pharmaceutical manufacturers or exorbitant fees for insulin it hasn’t been the best time for consumers who rely on any kind of prescription medication. The current pharmaceutical market seems to be stifling innovation and competition for the sake of larger and larger profits while many Americans continue to go without their medication. Now the Trump Administration, of all people, is proposing a new way of reducing the cost of prescription drugs.

President Trump is said to be drafting a proposal that would allow the U.S. to import lower-cost prescription drugs from Canada. As of right now, it’s illegal to import any drugs from foreign countries. Democratic Senator Bernie Sanders also approves of importing prescription drugs from other countries as it would increase competition and lower prices.

As you might imagine, the pharmaceutical industry opposes this move as they feel it would undermine the safety of US patients. However, it’s not like Canada doesn’t have a world-class healthcare system. Not only that but the drugs that would be imported would be limited to only drugs that are currently approved by the Food and Drug Administration (FDA). The new proposal would also likely face challenges in the court as the pharmaceutical lobby does have deep pockets.

While this new proposal would be welcome by many Americans struggling to pay for their medications, it unfortunately will not take place overnight. However, it is encouraging to see that in these trying political times that both sides of the aisle are willing to work toward a common cause that could actually benefit the American people.