Innovative Pharmaceutical Industry Contributed $18.4 Billion to the Canadian Economy in 2022
Ottawa, May 12, 2024 – New data released today by Statistics Canada confirms that Canada’s innovative pharmaceutical industry is more than a contributor to health, it is a driver of national economic growth and resilience.
The industry contributed $18.4 billion in 2022 in total economic activity, marking a nearly 15% increase over 2021. It also invested up to $3.2 billion in R&D and supported more than 110,000 full-time jobs across the country—nearly an 8% increase in jobs over the previous year.
These findings underscore the industry’s significant role in shaping Canada’s innovation ecosystem, building research capacity, and driving long-term prosperity.
“Canada’s life sciences are an economic engine. In an increasingly complex and volatile global economy, that engine needs to be firing on all cylinders,” said Bettina Hamelin, President of Innovative Medicines Canada. “Canada’s pharmaceutical innovators are helping deliver both life-changing treatments and the kind of growth that strengthens our economic resilience as a country.”
This new data reveals an R&D-to-sales ratio of up to 11%, reflecting the industry’s strong commitment to reinvest in Canadian science, talent, and infrastructure.
With more than 3,200 clinical trials, world-class academic institutions, groundbreaking AI capabilities, and a thriving biotech pipeline, Canada is well-positioned to lead. But continued growth of a competitive Canadian business environment depends on ambitious and forward-looking policies, smart investments, and sustained public-private collaboration.
“Canada’s leadership in clinical trials is something to be proud of—and something we must protect and amplify,” added Hamelin. “It’s a competitive advantage that creates jobs, fuels innovation, and delivers real health benefits to Canadians.”
About Innovative Medicines Canada
Innovative Medicines Canada (IMC) is the national association representing Canada’s innovative pharmaceutical industry. The industry proudly supports more than 110,000 jobs, contributes a total of $18.4 billion to the economy, sponsors the majority of clinical trials in Canada, and invests close to $3.2 billion in research and development each year. IMC advocates for policies that enable the discovery, development, and delivery of innovative medicines and vaccines to improve the lives of all Canadians. The association and its members are committed to being solutions-oriented partners in Canada’s healthcare system and have contributed more than $30 million towards applied health systems research through the Health Research Foundation (HRF). Guided by the Code of Ethical Practices, all members work with governments, private payers, healthcare professionals, and stakeholders in a highly ethical manner.
For further information: media@imc-mnc.ca
