The Corporation was created in 1997 to oversee the proper functioning of the risk-pooling system set up by the life insurance industry.
The Corporation grew out of the following context:
1996: The Quebec government opted to create a prescription drug insurance plan for all its citizens, and adopted the Act Respecting Prescription Drug Insurance. Its objective: to guarantee that all Quebec citizens would have access to medications at a reasonable cost, without regard to their state of health, beginning on January 1, 1997.
From that day on, the millions of Quebec citizens who were already members of a supplementary health insurance plan or a work-related benefits plan would now receive, through their insured or non-insured plans, supplementary coverage for the cost of medications. Those not covered by a group plan would benefit from the drug insurance offered by the State.
As required by section 43 of the law, the Quebec life insurance industry worked together to defined the terms and conditions for pooling the risks to be assumed under the new plan. In so doing, the industry established the pooling system that is still in effect today.
1997: To implement the pooling system, the industry established an effective and credible framework by creating the Quebec Drug Insurance Pooling Corporation.
The Corporation remains the sole body recognised by the Quebec government for this purpose.