Canada's Research-Based Pharmaceutical Companies

Canada's Research-Based Pharmaceutical Companies

March 22, 2013 12:56 ET

Canada's Innovative Pharmaceutical Companies React to Budget 2013

OTTAWA, ONTARIO--(Marketwire - March 22, 2013) - Canada's Research-Based Pharmaceutical Companies (Rx&D) welcomes the Government of Canada's 2013 Budget, tabled in Parliament yesterday by Finance Minister Jim Flaherty.

Rx&D notes the government's continued investment in life sciences in Canada, notably by supporting Genome Canada's multi-year strategic plan. Rx&D also notes that Budget 2013, consistent with previous phases of Canada's Economic Action Plan, puts forth measures that will contribute to deficit reduction while recognizing innovation as a driver of economic activity.

The association applauds the government's announcement of continued measures aimed at strengthening venture capital investment in Canada. The announcement enhances the efforts of Rx&D members with regards to research venture funds by potentially collaborating with industry and provinces to commercialize innovation in medical research.

"The government's investment in the Knowledge Infrastructure Fund is a clear demonstration of its commitment to innovation and the development of important new medicines and vaccines. It will support research to improve the health of Canadians, strengthen Canada's technology and knowledge infrastructure and generate high-skilled research jobs," said Rx&D President Russell Williams.

Rx&D is pleased that the Government is prioritizing innovation in Canada and continues to support the Government of Canada's ambitious trade agenda and strategy for global commerce. These include important bilateral agreements with the European Union and Japan, as well as negotiations with the United States and nine other nations as part of the Trans-Pacific Partnership.

"The Comprehensive Economic and Trade Agreement (CETA) is a once in a generation opportunity to put Canada on the same playing field as our major trading partners. It will drive investment and create jobs," added Mr. Williams. "Canada's life sciences sector already boasts some of the best scientists, hospitals, universities and research facilities in the world. What we need to do is attract more investment to build on these strengths. Closing the intellectual property gap with the EU is a critical step in strengthening investor confidence in Canada."

About Rx&D

Rx&D is the association of leading research-based pharmaceutical companies dedicated to improving the health of Canadians through the discovery and development of new medicines and vaccines. Our community represents the men and women working for more than 50 member companies which invest more than $1 billion in research and development each year to fuel Canada's knowledge-based economy, contributing over $3 billion to the Canadian economy. Guided by our Code of Ethical Practices, our membership is committed to working in partnership with governments, private payers, healthcare professionals and stakeholders in a highly ethical manner.

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