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Industry News
Pharmaceutical Industry NewsTransparency the key to lowering drug costsWe should be thankful that one province is finally taking on the pharmaceutical industry. Perhaps we can also hope that our provincial government is paying attention and will act.Prescription drug costs are far and away the fastest-rising health-care cost. Provincial and federal government special deals with various levels of the industry have been inordinately expensive -- call them handouts or incentives or subsidies, the result is the same, excessive costs for patients and governments. Billions of extra dollars are pouring into already highly profitable multinationals, generic and brand name Canadian manufacturers, and individual pharmacies.Years ago there were multiple gas stations per intersection, then multiple banks, then coffee shops and now we see pharmacies springing up everywhere. The other retail sectors have all yielded to competition and reduced their numbers, even Starbucks is closing some outlets. We have so many pharmacies purely because of huge profits in the current cosy arrangement.
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