Ottawa, March 28, 2023 – Innovative Medicines Canada (IMC) is encouraged by commitments in today’s federal budget to improve health care, invest in better health data, and prepare for future pandemics.
“Improving access to quality health care and innovative medicines not only saves patients’ lives, but also helps attract investments, jobs, and innovation in Canada which are key drivers of our economy,” said Pamela Fralick, President of Innovative Medicines Canada.
The budget emphasized the previously announced $195.8 billion spend over 10 years, including $46.2 billion in new funding, for health transfers to the provinces and territories. Investing in health data will also be a critical step towards improving the safety and quality of health care in Canada.
Budget 2023 also acknowledged the importance of being prepared for future health emergencies. To date, the government has invested more than $1.8 billion to support 32 vaccine, therapeutic, and biomanufacturing projects across Canada, alongside $127 million for upgrades to specialized labs at universities across the country. Such projects are critical to the government’s effort to build a life sciences ecosystem designed to attract global pharmaceutical investments.
IMC is committed to working with the federal government to ensure these important commitments translate into tangible benefits for Canadians.
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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