That is the straight-up retail price. In Canada (at least the province I live in), there is only the straight up retail price.
But since you asked.... In Canada you buy insulin from the pharmacy of your choice. The pharmacy charges a drug cost plus a dispensing fee which covers the pharmacy's cost. Insurance companies have no involvement in the pricing or sale of medications. The only real difference in cost to the customer, from one pharmacy to the next is the dispensing fee.
Provinces have their own government prescription drug plans that cover most people. The provincial plans tend to have a fairly high deductible and typically only pay only 70 to 80% of the medication cost. I live in BC where the deductibles and coverage are income tested. Meaning that low income earners have lower deductibles than higher incomer earners. In recent times, I have never reached the deductible even with diabetes.
The drug costs tend to be negotiated with the suppliers by each province. For example in BC the maximum price for Apirda is $2.7751 per ml. If a pharmacy charges more for the drug, the provincial health insurance would not cover it and you have to pay out of pocket. In general pharmacies do not charge more than the maximum drug price. There are also limits on the maximum dispensing fees. Also, certain drugs are not on the list of formularies. So Fiasp, which is a new insulin is not yet covered by the provincial plan.
The Federal Government also regulates drug prices for patented medications through the "Patented Medcines Price Review Board (http://www.pmprb-cepmb.gc.ca/en/home). They are a "quasi-judicial body that protects consumers and contributes to health care by ensuring that the manufacturers' prices of patented medicines are not excessive." Whatever that means.They write lots of reports and have the ability to regulate prices. Some reports are interesting to read.
Because the provincial plans do not have great coverage and high deductible, most people also have a private prescription drug plan. These plans tend to have low deductibles, more items are covered, and higher payments (like 80-100%) coverage. This is very similar to the US, with the exception that the insurance companies do not have a lot of levers to pull to cut costs. The only levers are to set maximum prices and to try to educate consmers to choose a pharmacy with the lowest dispensing fee.
For example, Pacific Blue Cross has a website (https://www.pac.bluecross.ca/pharmacycompass) where you can check the local pharmacy prices for pills (strangely not insulin) and dispensing fees. They do this (I believe) to try to nudge customers to choose the lowest cost pharmacy, but there is no requirement to do so.