Rx&D

Rx&D

September 17, 2014 14:32 ET

PMPRB Annual Report a Clear Indication that Canada Must Move on Global Competitiveness

OTTAWA, ONTARIO--(Marketwired - Sept. 17, 2014) - On the heels of the tabling of the Patented Medicine Prices Review Board's (PMPRB) 2013 Annual Report yesterday in the House of Commons, Canada's Research-Based Pharmaceutical Companies (Rx&D) acknowledges that the environment for life sciences in Canada is facing serious challenges as it tries to compete on the world stage.

"The level of investment in pharmaceutical R&D is indeed decreasing, and some of the reasons for this is that Canada is not globally competitive when it comes to its intellectual property regime and its regulatory system," said Russell Williams, President, Rx&D. "We want to reverse that trend, but that will not happen in the absence of strong public policy."
Attracting investment hinges on the country's ability to create and sustain an environment for research that drives a knowledge-based economy. Accurately tracking and reporting of investments in an important aspect of creating and maintaining such an environment.

For the fourth year in a row, Canada's Research-Based Pharmaceutical Companies (Rx&D) has expressed concern that the Government of Canada is not properly reporting on pharmaceutical research and development (R&D) investments in Canada.
In contrast with the PMPRB's annual report, the Summary of 2013 R&D Spending and Investments by Rx&D Members shows an alarming disparity between what the government reports and the more than $1 billion that the industry actually invests annually. The industry's R&D investment for 2013 is underreported by the Government of Canada by 50%. The PMPRB is legislated to report Rx&D member company R&D investments to Parliament annually, making calculations using a definition that was developed 27 years ago.

Industry Canada, the Canadian Institutes of Health Research and the PMPRB worked with Rx&D in 2010 to establish a mutually acceptable set of criteria to accurately calculate pharmaceutical R&D investments in Canada. Rx&D has reiterated its request to the Government of Canada to update its reporting definition.
"Canada's life science future hinges on our ability to create and sustain an environment that encourages investment, with the right public policies that allow us to compete globally and drive our knowledge-based economy," added Mr. Williams.

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.

Contact Information