PMPRB Changes will negatively impact Canada’s healthcare system and global competitiveness
August 12, 2019 [OTTAWA] - The recent release of the Patented Medicine Prices Review Board’s modernized regulatory framework will negatively impact Canada’s competitiveness in attracting investment to commercialize Canadian innovation.
Canada’s biotech industry investment has fundamentally changed over the past decade where it is now a complex model of partnership and/or direct investment. Rather than conducting all R&D in-house, multinational pharmaceutical and biotech companies now invest in early stage companies to advance their innovation or partner with organizations to identify and develop the next wave of companies. Public policy needs to understand and recognize this change. Accordingly, throughout the PMPRB policy development process and consultations, the industry contributed alternative proposals that recognized the healthcare fiscal challenges government is seeking to address while also trying to support the industry’s business model and maintain Canada’s competitiveness as a destination for investment, clinical trials and innovation.
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