Save on prescription drug costs – Canada Life
Learn a few ways to save on drug costs, like choosing generic over brand name drugs.
View video transcript:
Narrator: You may be wondering why we encourage our members to choose generic drugs.
Description: Jean stands in her bathroom looking at an empty pill bottle.
Narrator: Generic drugs can cost up to 20% less than the brand name version.
Description: The pill bottle enters into frame; text appears beside that reads “20%” less.
Narrator: Brand name drugs are more expensive because it costs drug companies a lot to develop new products.
Description: Cut to a beaker on a table, money falls in from above. The beaker fills with liquid.
Narrator: Once a new drug is developed, the company can obtain a patent - the exclusive right to make and sell it for a certain period of time.
Description: An eyedropper samples the liquid and transforms into a pill. The pill, along with others falls into a lock. The lock is secured.
Narrator: When the patent expires, other companies can produce generic versions.
Description: Time passes. The lock opens, and generic drugs are produced.
Narrator: Since generic manufacturers don’t need to invest as much in research and development, their prices can be much lower.
Description: The beaker returns, less money falls in. The beaker fills with less liquid.
Narrator: Generic drugs can be just as effective as the brand name version.
Description: Cut to two pill bottles that look the same. An equal sign falls in between.
Narrator: To have Health Canada approval, a generic drug must include the same quality medicinal ingredients as the brand name version.
Description: A maple leaf flies by as s checkmark appears. Text beside reads “Same ingredients, same quality.”
Narrator: The drug also has to be absorbed by the body the same way.
Description: Text continues: “Same requirements.”
Narrator: Non-active ingredients like fillers or colouring can be different. But they can’t change the drug’s effectiveness.
Description: A line of test tubes appear. They fill with different coloured liquids.
Narrator: Sometimes, both manufacturers buy ingredients from the same suppliers.
Description: One test tube is removed, the liquid pours equally into two beakers.
Narrator: Another way to cut the cost of your prescription is by shopping around.
Description: Cut to view of city, location pins appear above.
Narrator: Pharmacies have different dispensing fees, mark-ups and other costs. Find the pharmacy that gives you the most affordable option.
Description: Location pins morph into different costs. The most affordable is highlighted.
Narrator: You can also request a three-month supply of your medications, rather than one month at a time. This way you’ll only pay one dispensing fee instead of three.
Description: One pill bottle returns, joined by two others. Each bottle has their own fee. A line connects the three and the fee is shared.
Narrator: These are all ways you can save money
Description: Return to Jean at the pharmacy, refilling her prescription.
Narrator: and help keep your company’s drug plan affordable for everyone.
Description: Fade to Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company.