More than 24 million Canadians benefit from private drug plan coverage. Private drug plans tend to cover more drugs more quickly when compared to public plans, which helps increase the value of the Canadian market for future pharmaceutical innovation.
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The process for Canadians to access new medicines is extremely complex and involves several different federal, provincial, and territorial agencies. It takes two years following approval (732 days) for Canadian patients to get access to a drug in the public plan, whereas those in the private plan get access to a drug in less than one year (226 days).
This article originally appeared in the Benefits and Pensions Monitor on September 5, 2023. ‘If the insurance industry doesn’t upgrade drug insurance […]