TORONTO, Dec. 6, 2017 /CNW/ - Canada's life and health insurers are fully supportive of the proposed amendments to the Patented Medicines regulations released by Health Canada. The industry believes that the regulations are an essential step in the process to update the Patented Medicine Prices Review Board (PMPRB) guidelines for the benefit of all Canadians.
The life and health insurance industry is completely aligned with the steps that the federal government has taken over the past year to reform the PMPRB's mandate. "The industry will support the government as it works toward reducing drug costs in Canada and we will be active participants in these important consultations," stated Stephen Frank, President and CEO Canadian Life and Health Insurance Association.
"Canadians benefit from a system that blends the strength of both the public and private system and we will continue to work collaboratively with the federal government as they work to improve the system for all Canadians," added Mr. Frank.
About the CLHIA
The CLHIA is a volunteer association whose member companies account for 99% of Canada's life and health insurance business. The industry provides a wide range of supplementary health insurance products and services to 25 million Canadians. In 2016, insurers paid approximately $33 billion in supplementary health benefits, including $11 billion in prescription drugs.
SOURCE Canadian Life and Health Insurance Association Inc.
For further information: Wendy Hope, Vice President, External Relations, (613) firstname.lastname@example.org
The Canadian life and health insurance industry provides a wide range of financial security products, including life insurance, annuities and supplementary health insurance, to about 26 million Canadians. The industry administers more than two-thirds of pension plans for Canada's small and medium-sized businesses and the vast majority of group RRSPs. Established in 1894, the CLHIA is a voluntary...