Fee Schedule Amendments for Pharmacy Professionals in Effect November 2020
As recently approved by the Board, the College filed amendments to the Fee Schedules under the HPA Bylaws with the Ministry of Health, in accordance with the College’s 2020/2021 budget.
The planned 5.25% fee increase for pharmacists and pharmacy technicians was originally approved at the February 2020 meeting as part of the College’s 2020/2021 budget and will come into effect on November 1, 2020.
With the onset of the novel coronavirus pandemic in March, a decision was made at the April Board meeting to review the impact of the COVID-19 pandemic before proceeding with the planned fee increases that had been included in the approved budget.
Just like many other businesses and families, COVID-19 has had a profound impact on the College’s financial bottom line. As a result of the important safety measures implemented in BC and across Canada, the College has experienced a 4% decline in its anticipated revenue for this fiscal year.
Most notably, with many pharmacy and pharmacy technician students unable to complete necessary exams, there has been a significant decline in anticipated new registrations and the fees that come with those.
The College has worked hard to find savings to mitigate the impact of the pandemic, reducing expenses by 16%. However, after reviewing the impact of adjusted operations due to COVID-19, the College has determined that it needs to move forward with its planned fee increase. The increase makes sure the College can continue its essential operations while continuing to take action on important strategic initiatives needed for public safety, and maintaining a fiscally responsible reserve balance.
As projected in June 2020, the College’s financial situation shows sufficient funding and reserve balances for this year and next year. However, it is during the 2022/23 and 2023/24 fiscal years that the closing reserve balances become a serious concern due to continued deficits.
Because it generally takes almost three years for the revenue generated by fees to be realized in the College’s revenue, these fee increases must be implemented this year in order to ensure sufficient funding during the 2022/23 and 2023/24 fiscal years.
Additional Fee Schedule Amendments to The Pharmacy Operations and Drug Scheduling Act
The College Board also approved amendments to the Pharmacy Operations and Drug Scheduling Act (PODSA) Bylaws Schedule A – Fee Schedule for public posting on September 18, 2020.
The 5.5% increase in annual pharmacy licensure fees stated on the Fee Schedule were also previously approved at the February 2020 Board meeting as part of the College’s 2020/2021 budget.
Amendments to the Fee Schedule in the Pharmacy Operations and Drug Scheduling Act Bylaws have been posted for public comment on the College website.
Once the 90-day public posting period is completed, the PODSA Fee Schedule will be brought to the Board for approval for filing.