An implantable drug delivery system has a housing, a collapsible reservoir, a microfabricated flow channel, and at least one magnet. The collapsible reservoir is disposed in the housing. The microfabricated flow channel is connected at one end to the collapsible reservoir and opens at an external surface of the housing. The magnet is disposed within the housing adjacent a membrane defining the flow channel and is movable in response to a magnetic force to deflect the membrane into the flow channel for inhibiting drug flow from the collapsible reservoir to the external surface of the housing, and for pumping drug flow from the collapsible reservoir to the external surface of the housing.