Helping Islanders save millions on prescription drugs
CHARLOTTETOWN, PEI, Oct. 2, 2026 /CNW/ — As populations and the cost of drugs continue to grow, the Government of Canada and Prince Edward Island (PEI) are working together to make it easier for Islanders to access the prescription medications they need, while helping to reduce the cost of living.
Today, the Honourable Heath MacDonald, Minister of Agriculture and Agri-Food, on behalf of the Honourable Marjorie Michel, Canada’s Minister of Health, the Honourable Premier of PEI, Rob Lantz, and the Honourable Cory Deagle, Minister of Health and Wellness for PEI, announced the government intention to invest over $32 million over three years to support the Improving Affordable Access to Prescription Drugs Program (IAAPD) in PEI.
The IAAPD program, launched in 2021, has funded targeted reforms to PEI’s public drug programs. PEI received $35 million (2021-22 to 2025-26) to expand its public formulary (list of publicly covered drugs) to broaden treatment options for Islanders and better align with public drug plans in other provinces and territories, lower out-of-pocket costs for residents, and gather insights and lessons learned. As of March 2025, the IAAPD has saved Islanders $13.8 million.
Extending the IAAPD will allow PEI to maintain the improvements it has made to its public drug coverage system and help reduce the cost of living for its residents.
Quotes
“We are working with PEI to make prescription drugs more affordable for Islanders. This renewed federal funding will help PEI maintain improvements to its public drug coverage and continue delivering savings for Islanders.”
The Honourable Marjorie Michel
Minister of Health
“Whether it is making prescription drugs more affordable, supporting finding a home, or helping local businesses grow, our government is focused on making investments that deliver for Islanders and strengthen communities across Prince Edward Island. I’m proud to see Islanders benefit from programs like this, which are putting money back in people’s pockets and helping make life more affordable for families across our province.”
The Honourable Heath MacDonald
Minister of Agriculture and Agri-Food, Member of Parliament for Malpeque
“The renewal of this agreement reflects our commitment to making prescription medications more affordable and accessible for Islanders. By continuing this partnership, we are helping Islanders access the medications they need, strengthening our health-care system, and putting more money back into the pockets of Islanders.”
The Honourable Rob Lantz
Premier of Prince Edward Island
“This program has made a real difference for Islanders, helping people access the medications they need to manage their health and well-being. For Islanders, this renewal means lower drug costs, access to more medications and fewer barriers to getting the treatment they need.”
The Honourable Cory Deagle
Minister of Health and Wellness, Government of Prince Edward Island
Quick Facts
- Since its launch in 2021, the IAAPD has helped the province expand its formulary (list of covered drugs) to broaden treatment options for Islanders to a level of coverage more comparable with other provinces and territories and improve the affordability of its drug plans (e.g., by lowering out-of-pocket payments for residents).
- Through IAAPD, PEI has made coverage improvements for Islanders, including:
- Expanded access to more than 100 medications, such as treatments for cancer and heart disease.
- Reduction of copays for commonly used cardiovascular, diabetes and mental health drugs, saving residents more than $9 million, with approximately 70% of these savings benefitting seniors.
- Delivery of no-cost treatment for alcohol and opioid use disorders to more than 1,200 Islanders through the Substance Use and Harm Reduction program.
- Expansion of the province’s Community Mental Health Program to provide no-cost coverage of newer second-generation antipsychotic medications to long-term psychiatric patients.
Associated Links
SOURCE Health Canada (HC)
