Canada's Research-Based Pharmaceutical Companies Invested Over a Billion Dollars in Research and Development (R&D) in 2007 But Opportunities Exist for Further Growth, Says Rx&D
SAN DIEGO, CA, June 19 /CNW Telbec/ - Canada's Research-Based
Pharmaceutical Companies President Russell Williams issued the
following statement from BIO 2008 today in reaction to the release
of the Patented Medicine Prices Review Board's (PMPRB) Annual
Report on R&D-to-sales ratio in the pharmaceutical
industry.
"As the global biotechnology community is gathered in San Diego, it
is clear that the competition to attract biopharmaceutical
investments is fierce. The federal government has taken steps to
improve its competitiveness through initiatives such as data
protection and the Science and Technology Strategy. Provincial
governments, including Quebec, Ontario, Alberta and B.C., have
shown their commitment in leveraging the potential for
biopharmaceutical investments through initiatives to support
pharmaceutical innovation. But further steps must be taken, namely
to ensure patients can access more innovative medicines through
their provincial drug plans and by guaranteeing stability and
predictability in the intellectual property regime.
"As the manufacturing sector is experiencing severe challenges in
Canada, the biopharmaceutical sector offers potential for further
growth. According to the latest PMPRB report, our members invested
1.18 billion dollars in R&D of new medicines in 2007, a 25%
growth from 2006.
"Furthermore, innovative medicines and vaccines remain one of the
most cost-effective medical interventions to treat patients.
According to a recent study from the Fraser Institute, brand name
medicines in Canada were priced 53% lower than in the U.S. in 2007,
while patients here at home were paying 112% more for their generic
drugs compared to patients in the U.S."
Canada's Research-Based Pharmaceutical Companies (Rx&D) is an
association of members dedicated to improving the health of all
Canadians. As partner of the health-care system, our discoveries
help eliminate the need for medical procedures such as surgery,
which have a significant impact on patient quality of life and
health-care budgets. Our community represents over 20,000 men and
women working for more than 50 member companies in Canada and is
responsible for generating 100,000 jobs across Canada.
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/For further information: Heather Dunster, Communications,
(613)
236-0455, hdunster@canadapharma.org/
Posted: June 2008
