Public spending on prescriptions rises to $20.1-billion in 2024 as use of Ozempic grows

Public spending on prescription medications in Canada rose by more than 9% in 2024, with the GLP-1 drug Ozempic cited as the single largest driver of the increase. The spike signals growing cost pressure on provincial/ federal drug budgets and elevated demand for GLP-1 therapies, with potential implications for payors and exposure to manufacturers in the sector.

Analysis

Public spending on prescription medications in Canada rose by more than 9% in 2024, with the GLP-1 drug Ozempic cited as the single largest driver of the increase. The spike signals growing cost pressure on provincial/ federal drug budgets and elevated demand for GLP-1 therapies, with potential implications for payors and exposure to manufacturers in the sector.