Single-payer pharmacare would cost billions more a year, but save economy money: PBO

The PBO's report released today provides an estimate for the cost of a pharmacare program between 2024-25 and 2027-28.

It calculates the incremental cost of the program, taking into account current spending by governments on public drug plans as well as revenue that would be generated from co-pays under a pharmacare plan. The Liberals have promised to table pharmacare legislation this fall as part of the supply-and-confidence deal the government struck with the NDP.

The PBO's report finds that while the public sector would spend more on drugs, the implementation of a pharmacare plan would lead to economy-wide savings. The PBO estimates cost savings on drug expenditures of $1.4 billion in 2024-25, with that figure increasing to $2.2 billion by 2027-28.

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