A coextruded multilayer film laminate featuring a polyolefin based formulation which closely matches the mechanical performance criteria of a plasticized PVC film is disclosed. This film is particularly suitable for use as a replacement film for plasticized PVC in a variety of medical and non-medical applications. The multilayer films of the present invention offer a particular set of mechanical properties, normally associated with plasticized PVC, including easy stretch, high degree of recovery, low fatigue and minimal permanent set. Moreover, these polyolefin based formulations do not contain any known or suspected carcinogenic compounds and may be produced at costs that are highly competitive with the costs associated with a conventional, plasticized PVC film.