(Unsplash)

731,000 Canadians going into debt to buy prescription drugs: UBC

Millennials and those without private coverage were more likely to borrow money

Many Canadians are borrowing money to afford their prescription drugs, a study from the University of B.C. suggests.

The study, published Tuesday in CMAJ Open, found that 2.5 per cent, or 731,000, of Canadians admitted to borrowing money to cover medication costs.

Researchers analyzed data from Statistics Canada’s 2016 Canadian Community Health Survey, which looked at the drug buying habits of 27,519 Canadians.

They found that millennials were 3.5 times more likely to have to borrow money than those between 45 and 54 years old.

People without private drug coverage were twice as likely to need a loan to buy prescription medication.

The study did not differentiate how Canadians borrowed the money, whether it was credit cards, pay day loans or money from friends and family.

One-third of those who borrowed money had to do so for prescriptions costing $200 or less, while a quarter borrowed money for drugs costing between $201 and $500.

“These new findings suggest that many people are going into debt to cover the costs of their prescription medications every year,” said the study’s lead author Ashra Kolhatkar, a research coordinator at UBC’s Centre for Health Service and Policy Research.

“A key finding in our study was that borrowing occurred for all levels of out of pocket costs, and over 60 per cent of borrowing reported by the respondents in the study was for prescriptions that cost $500 or less.”

Michael Law, senior study author and the Canada Research Chair in Access to Medicine, said that a solution needed to be found to allow Canadians to buy drugs debt-free.

READ MORE: Health committee cheers idea of national pharmacare

READ MORE: Watchdog praises changes made so far after B.C.’s health worker misfirings scandal

“Some provinces like Ontario and B.C. have implemented new public coverage programs to assist younger and lower-income Canadians who don’t have private drug insurance,” said Law.

“Moving forward, we will need to investigate the impacts of these policies and continue to assess where people are falling through the cracks.”


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Demonstrators take to Clearwater roundabout

Yellow vest protesters say it’s time for a change

Police chase ends in two arrests

Suspects in stolen truck evade RCMP from Alberta border to Clearwater area

A heartfelt thanks to the community of Clearwater

Editor, The Times: Our family, who gathered to celebrate Lucas Cowie’s life… Continue reading

Clearwater Rotary’s Christmas Light Up

Event draws both young and old to take part in its yearly activities.

Independent business in Blue River pays it forward

Blue River Sledz donates a generous amount of clothes to the less fortunate in Kamloops

REPLAY: B.C’s best video this week

In case you missed it, here’s a look at the replay-worth highlights from this week across the province

Canadians spent almost $64,000 on goods and services in 2017

Households in B.C. each spent $71,001 with housing costs contributing to higher average

Speaker at rally says Alberta oil ‘puts tofu on the table in Toronto!’

RCMP estimated more than 1,500 people attended the rally in Grande Prairie

White House closer to partial shutdown with wall demand

Without a resolution, parts of the federal government will shut down at midnight on Friday, Dec. 21

Canucks score 3 power-play goals in 4-2 win over Oilers

Vancouver sniper Boeser has 6 goals in last 5 games

Microscopic parasite found in Prince Rupert water affecting thousands

More than 12,000 residents affected by the boil water advisory issued Dec. 14

Trudeau lashes out at Conservatives over migration “misinformation”

Warning against the “dangers of populism,” Trudeau says using immigration as a wedge political issue puts Canada’s future at risk.

B.C. hockey coach creates ‘gear library’ to remove cost barrier of sport

Todd Hickling gathered donations and used gear to remove the cost barrier for kids to play hockey.

Canada’s ambassador meets with second detainee in China

Global Affairs says John McCallum, Canada’s ambassador to China, met with Spavor Sunday

Most Read