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As the rising cost of medicines ripples around the world, a Canadian government advisory panel is recommending the country create an agency to grapple with high drug prices and also develop a national formulary for insurance coverage, but stopped short of saying whether a universal, single-payer system – known as Pharmacare — should be adopted.

Specifically, the panel suggested such an agency would be chartered with evaluating the clinical evidence and cost-effectiveness of prescription medicines, conducting negotiations with manufacturers over prices, overseeing a formulary, and monitoring safety and effectiveness.

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