Ottawa, June 15, 2022 – Innovative Medicines Canada (IMC), the association representing Canada’s research-based pharmaceutical sector, acknowledges the release of the Parliamentary Budget Officer’s (PBO) report on the long-term impacts of the proposed new basket of comparator countries used by the Patented Medicine Prices Review Board (PMPRB).
The report, titled Canadian Patented Drug Prices: Gauging the Change in Reference Countries, highlights that the pending basket changes would have an estimated impact of $2.8 billion per year, and could ultimately reduce Canada’s attractiveness as a destination for pharmaceutical innovation and limit patient access to new medicines.
While IMC and its members were encouraged by the significant changes made to the PMPRB regulations due to recent judicial decisions, we remain concerned regarding the long-term impact of the new comparator nations.
“While we support health-care sustainability, major regulatory changes must strike the right balance between access, cost, and Canada’s competitiveness on a global scale,” said Pamela Fralick, President of Innovative Medicines Canada.
Industry recognizes the positive steps taken to date with regard to PMPRB reforms and looks forward to continued collaboration and progress toward ensuring Canadians have access to the latest medicines available globally.
About Innovative Medicines Canada
Innovative Medicines Canada is the national association representing the voice of Canada’s innovative pharmaceutical industry. The association advocates for policies that enable the discovery, development, and delivery of innovative medicines and vaccines to improve the lives of all Canadians and supports the members’ commitment to being a valued partner in the Canadian healthcare system. The association represents 49 companies who invest nearly $1.4 billion in R&D annually, fueling Canada’s knowledge-based economy, while contributing $8 billion to Canada’s economy. Guided by the Code of Ethical Practices, all members work with governments, private payers, healthcare professionals, and stakeholders in a highly ethical manner.
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