Canada’s regulatory approach to capping prescription drug prices has been in place since the late 1980s. To this day, the mandate of the Patented Medicine Prices Review Board (PMPRB)—the government body that regulates prices for patented drugs—is to ensure that prices are not “excessive” compared to prices in a handful of other relatively high-cost countries, such as France, Germany and the U.S. Yet Canadians now pay some of the highest prices for drugs in the developed world. According to the Organisation for Economic Co-operation and Development (OECD), Canada has the second highest per capita spending on prescription drugs in the OECD.
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