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MEDICURE INC.

STOCK OPTION PLAN

|1. | Purpose.The purpose of the Stock Option Plan (the
      Plan) of Medicure Inc.(the Corporation), a Corporation
      incorporated under the federal laws of Canada, is to advance the interests
      of the Corporation by encouraging its directors, management, consultants
      and employees to acquire shares in the Corporation, thereby increasing
      their proprietary interest in the Corporation, encouraging them to remain
      associated with the Corporation and furnishing them with additional
      incentive in their efforts on behalf of the Corporation in the conduct of
      its affairs.                                                                                                                                                                                                                           
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|2. | Administration.The Plan shall be administered by
      the board of directors of the Corporation. A majority of the board of
      directors shall constitute a quorum, and the acts of a majority of the
      directors present at any meeting at which a quorum is present, or acts
      unanimously approved in writing, shall be the acts of the
  directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | Subject to the provisions of the Plan, the board of
      directors shall have authority to construe and interpret the Plan and all
      option agreements entered into thereunder, to define the terms used in the
      Plan and in all option agreements entered into thereunder, to prescribe,
      amend and rescind rules and regulations relating to the Plan, subject to
      any necessary regulatory approvals in accordance with Section 634 of the
      Toronto Stock Exchanges (TSEs) company manual, and to make all other
      determinations necessary or advisable for the administration of the Plan.
      All determinations and interpretations made by the board of directors
      shall be binding and conclusive on all participants in the Plan and on
      their legal personal representatives and beneficiaries.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | Each option granted hereunder shall be evidenced by an
      agreement, signed on behalf of the Corporation and by the optionee, in
      such form as the directors shall approve. Each such agreement shall recite
      that it is subject to the provisions of this Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|3. | Shares Subject to Plan.Subject to adjustment as
      provided in Section 14 hereof, the shares to be offered under the Plan
      shall consist of shares of the Corporations authorized but unissued
      common shares. The aggregate number of shares reserved to be delivered
      upon the exercise of all options granted under the Plan is currently fixed
      at 7,200,000. If any option granted hereunder shall expire or terminate
      for any reason without having been exercised in full, the unpurchased
      shares subject thereto shall again be available for the purpose of this
      Plan.                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|4. | Maintenance of Sufficient Capital.The Corporation
      shall at all times during the term of this Plan reserve and keep available
      such numbers of shares as will be sufficient to satisfy the requirements
      of the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

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|5. | Eligibility and Participation.Directors,
      officers, management, consultants and employees of the Corporation shall
      be eligible for selection to participate in the Plan (such persons
      hereinafter collectively referred to as Participants). The board of
      directors shall determine to whom options shall be granted, the terms and
      provisions of the respective option agreements, the time or times at which
      such options shall be granted, and the number of shares to be subject to
      each option. An individual who has been granted an option may, if he is
      otherwise eligible, and if permitted under the policies of the stock
      exchange or stock exchanges on which the shares of the Corporation are to
      be listed, be granted an additional option or options if the directors
      shall so determine.
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|6. | Exercise Price                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|7. | Number of Optioned Shares.The number of Shares
      subject to an option to a Participant shall be determined in the
      resolution of the board of directors, but no Participant shall be granted
      an option which exceeds 5% of the issued and outstanding shares of the
      Corporation (on a non-diluted basis).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|8. | Duration of Option.Each option and all rights
      thereunder shall be expressed to expire on the date set out in the option
      agreements and shall be subject to earlier termination as provided in
      paragraphs 10 and 11.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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|9. | Option Period, Consideration and
Payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

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| |     | resolution. Options which have vested may be exercised in
      whole or in part at any time and from time to time during the Option
      Period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (c) | Except as set forth in Section 10 and 11, no Option may
      be exercised unless the Participant is at the time of such exercise a
      director, officer, manager, consultant, or employee of the Corporation. In
      the case of a consultant, where the Option has been granted for a specific
      service, the Option may be exercised only upon completion of that
      service.                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (d) | The exercise of any Option will be contingent upon
      receipt by the Corporation at its head office of a written notice of
      exercise, specifying the number of Common Shares with respect to which the
      Option is being exercised, accompanied by cash payment, certified cheque
      or bank draft for the full purchase price of such Common Shares with
      respect to which the Option is exercised. No Participant or his legal
      representatives, legatees or distributes will be, or will deemed to be, a
      holder of any Shares subject to an Option under this Plan, unless and
      until the certificate for such Shares are issued to him or them under the
      terms of the Plan.

|10. | Ceasing to Be a Director, Consultant, Officer,
      Manager, Consultant or Employee.                                                                                                                                                                                                                                                                                                                                                                                   
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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | If a Participant shall cease to be a director, officer,
      manager, consultant or employee of the Corporation or a company for any
      reason (other than death), he may, but only within the earlier of the
      original expiry date and 90 days next succeeding his ceasing to be a
      director, officer, manager, consultant, or employee, exercise his Option
      to the extent that he was entitled to exercise it at the date of such
      cessation.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | Nothing contained in the Plan, nor in any Option granted
      pursuant to the Plan, shall as such confer upon any Participant any right
      with respect to continuance as a director, officer, manager, consultant or
      employee of the Corporation or of any affiliate.                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|11. | Death of Participant.In the event of the death of
      a Participant, the Option previously granted to him shall be exercisable
      only within the twelve months next succeeding such death and then
    only:                                                                                                                                                                                                                                                      

| | (a) | by the person or persons to whom the Participants rights
      under the Option shall pass by the Participants will or the laws of
      descent and distribution; and
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| |     |                                                                                                                                                                         
| | (b) | if and to the extent that he was entitled to exercise the
      Option at the date of his death.                                                                        

|12. | Right of Optionee.No person entitled to exercise
      any option granted under the Plan shall have any of the rights or
      privileges of a shareholder of the Corporation in respect of any shares
      issuable upon exercise of such option until certificates representing such
      shares shall have been issued and delivered.
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|13. | Proceeds from Sales of Shares.The proceeds from
      sales of shares issued upon the exercise of options shall be added to the
      general funds of the Corporation and shall thereafter be used from time to
      time for such corporate purposes as the board of directors may determine
      and direct.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|14. | Adjustments.If the outstanding shares of the
      Corporation are increased, decreased, changed into or exchanged for a
      different number or kind of shares of securities of the Corporation
      through re-organization, merger, re-capitalization, re-classification,
      stock dividend, subdivision or consolidation, an appropriate and
      proportionate adjustment shall be made in the maximum number of kind of
      shares as to which options may be granted under the Plan. A corresponding
      adjustment changing the number or kind of shares allocated to unexercised
      options or portions thereof, which shall have been granted prior to any
      such change, shall likewise be made. Any such adjustment in the
      outstanding options shall be made without change in the aggregate purchase
      price applicable to the unexercised portion of the option but with a
      corresponding adjustment in the price for each share or other unit of any
      security covered by the option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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|    | Upon the liquidation or dissolution of the Corporation or
      upon a re-organization, merger or consolidation of the Corporation with
      one or more corporations as a result of which the Corporation is not the
      surviving corporation, or upon the sale of substantially all of the
      property or more than eighty (80 %) percent of the then outstanding shares
      of the Corporation to another corporation, the Plan shall terminate, and
      any options theretofore granted hereunder shall terminate unless provision
      is made in writing in connection with such transaction for the continuance
      of the Plan and for the assumption of options theretofore granted, or the
      substitution for such options of new options covering the shares of a
      successor employer corporation, or a parent or subsidiary thereof, with
      appropriate adjustments as to number and kind of shares and prices, in
      which event the Plan and options theretofore granted shall continue in the
      manner and upon the terms so provided. If the Plan and unexercised options
      shall terminate pursuant to the foregoing sentence of all persons then
      entitled to exercise is an unexercised portion of options then outstanding
      shall have the right at such time immediately prior to consummation of the
      event which results in the termination of the Plan as the Corporation
      shall designate, to exercise their options to the full extent not
      theretofore exercised.
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|    | Adjustments under this Section shall be made by the board
      of directors, subject to the approval of the primary stock exchange on
      which the shares of the Corporation are listed, whose determination as to
      what adjustments shall be made, and the extent thereof, shall be final,
      binding and conclusive. No fractional share shall be issued under the Plan
      on any such adjustment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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|    | 14.1 Change of Control.If a bona fide offer (the
      Offer) for voting or equity shares is made to shareholders of the
      Corporation generally, or to a class of shareholders of the Corporation
      which, if Options were exercised, would include the Participants, and
      which Offer, if accepted in whole or in part, would result in the offeror
      exercising control over                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

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the Corporation within the meaning of
subsection 1(3) of the Securities Act (Ontario) then, notwithstanding
Sections 8 and 9 but subject to the other provisions hereof:

| | (a) | The board of directors may give its express consent to
      the exercise of any Options which are outstanding although not yet
      exercisable at the time of the Offer in the manner hereinafter
      provided.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (b) | If the board of directors has so consented to the
      exercise of any Options outstanding at the time of the Offer, the
      Corporation shall, immediately after such consent has been given, notify
      each Participant currently holding an Option of the Offer, with full
      particulars thereof, together with a notice stating that, in order to
      permit the Participant to participate in the Offer, the Participant may,
      during the period that the Offer is open for acceptance (or, if no such
      period is specified, the period of 30 days following the date of such
      notice), exercise all or any portion of any such Option held by the
      Participant.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (c) | In the event that the Participant so exercises any such
      Option, such exercise shall be in accordance with Sections 6, 7 and 9(d)
      hereof; provided that, if necessary in order to permit the Participant to
      participate in the Offer, such Option shall be deemed to have been
      exercised, and the issuance of Shares received upon such exercise (the
      Optioned Shares) shall be deemed to have occurred, effective as of the
      first day prior to the date on which the Offer was made.                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (d) | If, upon the expiry of the applicable period referred to
      in subsection (b) above, the Offer is completed, and:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (e) | If:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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| | (ii) | all of the Optioned Shares tendered by the Participant
      pursuant to the Offer are not taken up and paid for by the offeror in
      respect thereof;
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| |     | then the Optioned Shares or, in the case of paragraph
      (ii) above, the portion thereof that is not taken up and paid for by such
      offeror, shall be returned by the Holder to the Corporation for
      cancellation and the terms of the Option as set forth herein shall again
      apply to such Option, or the remaining portion thereof, as the case may
      be.
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| |     |                                                                                                                                                                                                                                                                                                                                                                                   
| | (f) | If any Optioned Shares are returned to the Corporation
      pursuant to subsection (e) above, the Corporation shall refund the option
      price to the Participant in respect of such Optioned Shares.                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                   
| | (g) | In no event shall the Participant be entitled to sell the
      Optioned Shares otherwise than pursuant to the Offer, except as provided
      in paragraph (d)(ii) above.                                                                                                                                                                                                        

|15. | Transferability.All benefits, rights and options
      accruing to any Participant in accordance with the terms and conditions of
      the Plan shall not be transferable or assignable unless specifically
      provided herein. During the lifetime of a Participant any benefits, rights
      and Options may only be exercised by the Participant.                                                                                                                                                                                                     
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|16. | Amendment and Termination of Plan.The board of
      directors may, at any time, suspend or terminate the Plan. The board may
      also at any time amend or revise the terms of the Plan, PROVIDED that no
      such amendment or revisions shall alter the terms of any options
      theretofore granted under the Plan.                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|17. | Necessary Approvals.The obligation of the
      Corporation to issue and deliver Shares in accordance with the Plan is
      subject to any approvals which may be required from any regulatory
      authority or stock exchange having jurisdiction over the securities of the
      Corporation. If any Shares cannot be issued to any Participant for
      whatever reason, the obligation of the Corporation to issue such Shares
      shall terminate and any Option exercise price paid to the Corporation will
      be returned to the Participant.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|18. | Stock Exchange Rules.The rules of any stock
      exchange upon which the Corporations Shares are listed shall be
      applicable relative to options granted to Participants.                                                                                                                                                                                                                                                                                                                                                                              
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|19. | Effective Date of Plan.The Plan has been adopted
      by the board of directors of the Corporation subject to the approval of
      the stock exchange or stock exchanges on which the Shares of the
      Corporation are to be listed and, if so approved, the Plan shall became
      effective upon such approvals being obtained.                                                                                                                                                                                                                       

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|20. | Interpretation.The Plan will be governed by and
      construed in accordance with the laws of Canada.
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IN WITNESS WHEREOF the Corporation has caused its
corporate seal to be affixed hereto in the presence of its officers duly
authorized in that behalf as of the 25th day of October, 2005.

| | **MEDICURE INC.**
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| | Per:             
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| | Per:             

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