The economic impact of the Canadian innovative pharmaceutical industry
Innovative Medicines Canada’s members play an important role in Canada’s health sector ecosystem and broader economy, supporting employment through the network effect of its supply chain and distribution activities, and through the purchasing power of its employees.
The analysis performed by EY Canada was completed to determine the economic impact of Innovative Medicines Canada’s members. This study is intended to inform an evidence-based, predictable, stable and sustainable pricing and patient access environment with the public payers, as well as the various regulatory agencies (PMPRB, pCPA, CADTH, INESSS, CAPCA, etc.) that play a role in pharmaceutical review and funding decisions in Canada. The objective was to help Innovative Medicines Canada and its members inform future public policy responses supported by an analytical model based on member data. This will ultimately help to improve timely and appropriate access for patients, affordability for public payers, and support R&D and innovation in the pharmaceutical sector.
Key industry highlights:
- Overall economic contribution is estimated at $19.2 billion
- 9.97% of revenues invested into R&D
- Supports more than 30,000 jobs, including high-value and well-paid researchers, scientists and clinicians
- 673,000 Canadian patients are supported through compassionate care programs, financial assistance and counselling
This data is crucial in the development of a platform to enable the successful implementation of a new approach to ensure the Canadian innovative pharmaceutical industry is a partner in the effort to create health system sustainability within Canada.
Innovative medicines are essential to the Canadian knowledge-based economy and for the better health of all Canadians. #innovateforlife