OTTAWA, Dec. 1, 2017 /CNW/ - With regards to today's publication of proposed amendments to the Patented Medicines Regulations,
"Innovative Medicines Canada is currently reviewing the PMPRB proposed regulations and looks forward to commenting fully once
In the interim, we would like to reiterate our commitment to being a valued partner in the Canadian healthcare system and an important driver of innovation and source of high quality jobs.
According to a recent EY Report, Innovative Medicines Canada member companies make significant contributions to the country's economy: we generate $19 billion in economic activity, invest $1.2 billion annually (9.97% of revenues) into R&D, and support 30,000 high-value jobs.
That investment in R&D ranges from collaborative initiatives with Canadian universities, hospitals, and centres of excellence, to funding for early stage biopharmaceutical companies, and health charities. It also includes 4,500 clinical trials involving 24,000 Canadians across the country, making Canada a leading jurisdiction for clinical trials, which provide free and timely access to the latest cutting-edge - and in some cases life-saving treatments.
These treatments, particularly for rare diseases, can be expensive in the short term, but can generate significant savings to the healthcare system through reduced hospital stays, or in the case of hepatitis C, actually curing what was once a chronic disease.
There is a clear connection between the price of innovative medicines and the industry's ability to invest in R&D and launch new drugs. At the moment, more than 60% of new medicines launched in key global markets are available in Canada. That compares to 40% in Australia and 30% in South Korea two of the nations included in PMPRB's proposed new basket of comparator nations.
We look forward to continued engagement on this issue with governments, patient communities and other stakeholders. While we remain concerned regarding the potential impact on the industry of the proposed changes, we are hopeful and optimistic that we can find common ground solutions that will address the affordability of innovative medicines without delaying the launch of new drugs and hindering the industry's ability to invest in Canada."
ABOUT INNOVATIVE MEDICINES CANADA
Innovative Medicines Canada is the national voice of Canada's innovative pharmaceutical industry. We advocate for policies that enable the discovery, development and commercialization of innovative medicines and vaccines that improve the lives of all Canadians. We support our members' commitment to being valued partners in the Canadian healthcare system.
SOURCE Innovative Medicines Canada
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