LONDON--(BUSINESS WIRE)--The Government of Ontario has announced a new provincial pharmaceutical program that would cover prescription drug costs in full for Ontario residents below the age of 25, regardless of whether or not they are already recovered by family insurance or a private insurance plan. This move is expected to increase access to medical treatment across the province, and is likely to have an impact on insurance premiums and the health insurance industry in Canada.
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If approved, the plan, announced on April 26 by Ontario Finance Minister Charles Sousa called OHIP+, would come into effect January 1, 2018, and would cover over 4,000 drugs for the 4 million residents that fall into the eligible age group. This would be the first ever provincial plan in Canada to fully cover prescription drugs for children, teenagers, and young adults. The province of Saskatchewan has a similar plan, but it does not cover drug costs in full and eligibility ends at age 14.
The cost of OHIP+ is estimated at CAD 465 million per year. Under the plan, eligible individuals wouldn’t have to go through their parents’ insurance or their own private insurance first for coverage, and wouldn’t be subject to co-payments or dispensary fees. The establishment of OHIP+ would increase access to healthcare and necessary medications for a significant number of insured and uninsured young Canadians.
This move is expected to have a huge impact on the healthcare market and on the health insurance industry in Ontario and in Canada as a whole. Market intelligence is critical for medical device, pharmaceutical, and other healthcare industry vendors in this region to understand the changes, challenges, and opportunities that OHIP+ would bring with it.
Infiniti Research can help you identify the latest market trends, new developments with OHIP+, changing regulations, and how this province-wide pharmaceutical program will affect your competitiveness and success. Infiniti’s healthcare market intelligence solutions will assist you in overcoming new obstacles and will work with you to lead your business towards success. Their latest healthcare research project helped a leading US healthcare company understand the market landscape and potential for private health insurance plans and programs in South Africa, providing the client with in-depth analysis of key stakeholders and the target consumer group.
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