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A national pharmacare program would lead to annual savings of about $4.2 billion, according to a new report from the parliamentary budget officer.

The report was released Thursday, one year after the House of Commons health committee asked for a cost estimate of a universal program that would replace existing public and private drug plans, using the list of drugs covered in Quebec as a model.

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In 2015-16, $28.5 billion was spent on prescription drugs in Canada, of which $24.6 billion would likely be covered under a national pharmacare program, according to the report. It finds that total drug spending would have cost $20.4 billion — $4.2 billion less —under a national program.

“These findings suggest that pharmacare could reduce drug expenditures for the drugs listed on Quebec’s public drug plan formulary, while ensuring standardized access to these drugs,” the report concludes.

The parliamentary budget officer projects similar savings in every year up to 2020-21.

The Liberal government has promised to make prescription drugs more affordable, but not to implement a national pharmacare program.

The net cost to the federal government, taking into account what Ottawa already spends on drug coverage for certain populations, is estimated at $19.3 billion in 2015-16, growing to $22.6 billion in 2020-21.

The Liberal government has promised to make prescription drugs more affordable, but not to implement a national pharmacare program. In the House of Commons Thursday, Liberal MP Bill Blair, parliamentary secretary to the health minister, gave no indication that the government might change its tune.