Innovative Medicines Canada commits to support Canada’s economic recovery while protecting Canadians’ health and well-being
Ottawa, August 12, 2020 – This fall’s federal budget will be critical in supporting Canada’s economic and social recovery. Not only will it offer an opportunity for the federal government to consider what is required for the health and well-being of Canadians, but also what we need to do, as a country, to attract investment, diversify our economy and create more prosperity for all Canadians.
On the road to economic recovery and health care sustainability post-COVID-19, the innovative pharmaceutical industry can play an active role in helping Canadians emerge from the pandemic.
“Working together, we can achieve a stable, innovative life sciences environment that provides better health, access to new medicines, economic opportunities, and enhanced protection and preparedness in the wake of the global pandemic,” said Innovative Medicines Canada President Pamela Fralick.
IMC has three recommendations, and suggests the government should:
- Strike a balance between affordability and access to innovative medicines and vaccines. Balance can be achieved by suspending changes to the Patented Medicine Prices Review Board (PMPRB) and working together to ensure affordable treatments and vaccines are rapidly available to Canadians.
- Provide additional funding and research incentives over the next 5 years to antimicrobial resistance (AMR) One-Health Network and work with the Canadian Antimicrobial Innovation Coalition (CAIC) to address the growing public health threat of AMR.
- Work in cooperation with the provinces, territories, life sciences organizations and the pharmaceutical industry to develop a National Life Sciences Strategy (NLSS) for Canada and implement it over the next 10 years with appropriate funding.
These meaningful policy objectives are at risk given the PMPRB’s new regime, which will undermine our industry’s capacity to continue investing and to maintain current levels of clinical trial activity in our country. The PMPRB regulations will have particularly severe impacts on many new rare disease medicines, and will impact their availability in Canada, which will make a rare disease framework ineffective. They will also result in a reduction in the number of clinical trials in Canada, and reduced investment in the country’s life sciences sector.
IMC’s written submission for the pre-budget consultations in advance of the upcoming 2021 federal budget is available online.
About Innovative Medicines Canada
Learn more about how our member companies are contributing to the fight against COVID-19.
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.
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