CLHIA welcomes final guidelines to keep prescription medications affordable

TORONTO, Oct. 23, 2020 /CNW/ - CLHIA is pleased to review the Patented Medicines Prices Review Board's final guidelines issued today that will operationalize the amended Patented Medicines Regulations to come into effect January 1, 2021.

These guidelines are an important step to allow the PMPRB to continue to meet its mandate to protect Canadians from excessive prescription drug prices.

"Canada's life and health insurers continue to support the amendments and guidelines and are ready to do our part," Stephen Frank, President and CEO of the Canadian Life and Health Insurance Association said. "Through workplace benefit plans, insurers provide employers and their employees with access to over 11,000 patented medicines ? which include an increasing number of high cost drugs. Lower drug costs will help to keep these plans sustainable."

On behalf of Canada's life and health insurers, CLHIA looks forward to implementation of these reforms in the new year and working with government on this and other future measures to better control rising prescription drug costs.

About the CLHIA
The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business. These insurers provide a wide range of financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold nearly $950 billion in assets in Canada and employ more than 157,000 Canadians.

SOURCE Canadian Life and Health Insurance Association Inc.