2. The government of Canada is planning the implementation of a Pharmacare program by

passing a Canada Pharmacare Act in 2023 and to develop a formulary and bulk purchasing plan for essential medicines by 2025. Pharmacare would offer universal coverage of drugs for all Canadians. (Canadians.org/analysis, Oct. 19, 2022) (10 Marks)

a. What would be the effects on the Canadian economy when this program is phased in? (7 Marks)

b. Discuss any possible risks to the Canadian government of thephasing in of this program. (3 Marks)