The price of generic drugs in Nova Scotia is poised to fall again Aug. 1.

The final phase of the Fair Drug Pricing program will move the price of a generic drug to 35 per cent of the brand-name equivalent. It’s the last step in a year-long government initiative to reduce drug costs.

Health and Wellness Minister Dave Wilson tells the Chronicle Herald everyone benefits from the cap, whether they have private insurance or none at all.

It’s expected to save the province about $7 million from April 2012-13, but the Pharmacy Association of Nova Scotia said the cap means pharmacies will lose $150,000 in revenue in the first year of the program.