The federal government and Prince Edward Island are planning more than C$32 million in new funding over three years to improve access to affordable prescription medications for Islanders.

Announced October 2, the funding will support the Improving Affordable Access to Prescription Drugs Program (IAAPD), which has been operating in PEI since 2021.

The program has helped the province expand its public drug formulary, giving residents access to more than 100 additional medications, including treatments for cancer and heart disease.

Government figures show that the program had generated C$13.8 million in savings for Islanders by March 2025. Changes have also reduced copayments for commonly used cardiovascular, diabetes and mental-health medications.

The program has also supported no-cost treatment for alcohol and opioid use disorders for more than 1,200 Islanders, while expanding coverage of certain newer antipsychotic medications through the province’s Community Mental Health Program.

The new three-year commitment is intended to maintain these changes and further improve the affordability and accessibility of prescription drugs across Prince Edward Island.

The announcement comes as governments across Canada continue to examine ways to reduce prescription-drug costs and improve access to essential medications.