Meds to cost much less

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A new agreement will see the prices of nearly 70 commonly prescribed generic drugs discounted by up to 90 per cent of their brand name equivalents.

The price discounts are to start on April 1 and will more than triple the number of drugs that were discounted under the previous generics initiative.

The drugs are collectively used by millions of Canadians to treat conditions such as high blood pressure, high cholesterol and depression.

Officials say patients will see the savings when they fill their prescriptions, whether it's through a public drug plan, an employee plan or paying out of pocket.

The initiative is expected to generate savings of up to $3 billion for public drug plans over five years.

The agreement between the pan-Canadian Pharmaceutical Alliance — which represents the provinces, territories and federal government — and the Canadian Generic Pharmaceutical Association was reached after discussions led by Ontario, British Columbia and Saskatchewan.