Bloomberg Businessweek
Florida's Canadian Meds, Taking the Higher Ground
Feb 23, 2024
The podcast delves into the FDA's decision to allow Florida to import drugs from Canada and discusses the differences in drug prices between the US and Canada. It also explores ethical dilemmas in global markets, the importance of transparency in drug pricing, and cybersecurity preparedness for finance leaders.
15:53
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Quick takeaways
- US drug prices are much higher than in Canada due to lack of pricing mechanisms. Pharmacy benefit managers profit from negotiating rebates, driving up costs.
- Importing drugs from Canada poses challenges due to market size differences. Shortages in both countries complicate reliance on Canada's drug market.
Deep dives
Rising Drug Prices in the US vs. Canada
Dr. Mariana Socal discusses how drug prices in the US are three to four times higher than in Canada, even for long-standing drugs. The lack of pricing mechanisms in the US allows for continuous price increases, often unsupported by changes in the drugs. Additionally, US entities like pharmacy benefit managers profit from negotiating rebates, leading to higher drug costs.
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