Canada's Research-Based Pharmaceutical Companies invested over a billion dollars in research and development (R&D) in 2007
But opportunities exist for further growth, says Rx&D
Canada's Research-Based Pharmaceutical Companies President Russell Williams issued the following statement from BIO 2008 in reaction to the release of the Patented medicine Prices Review Board's (PMPRB) Annual Report on R&D-to-sales ratio in the pharmaceutical industry.
"As the global biotechnology community is gathered in San Diego, it is clear that the competition to attract biopharmaceutical investments is fierce. The federal government has taken steps to improve its competitiveness through initiatives such as data protection and the Science and Technology Strategy. Provincial governments, including Quebec, Ontario, Alberta and B.C., have shown their commitment in leveraging the potential for biopharmaceutical investments through initiatives to support pharmaceutical innovation. But further steps must be taken, namely to ensure patients can access more innovative medicines through their provincial drug plans and by guaranteeing stability and predictability in the intellectual property regime.
"As the manufacturing sector is experiencing severe challenges in Canada, the biopharmaceutical sector offers potential for further growth. According to the latest PMPRB report, our members invested 1.18 billion dollars in R&D of new medicines in 2007, a 25% growth from 2006.
"Furthermore, innovative medicines and vaccines remain one of the most cost-effective medical interventions to treat patients. According to a recent study from the Fraser Institute, brand name medicines in Canada were priced 53% lower than in the U.S. in 2007, while patients here at home were paying 112% more for their generic drugs compared to patients in the U.S."
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