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Canada Pharmaceuticals and Healthcare Report Q2 2008
Business Monitor International, April 2008, Pages: 70
The Canada Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Canadas pharmaceuticals and healthcare industry.
The Canadian drug market should continue its solid growth over the forecast period, driven by generous public health expenditure and high per capita consumption. Canada’s investment in health should reach 12.8% in 2012 - one of the highest rates in the world, almost rivaling expenditure in the US even though Canada’s drug spend is predominately state-based, as opposed to the system of private insurance prevalent in the US. By 2012 total drug market spending in Canada should reach US$25.1bn.
Yet despite the high investment the Euro-Canada Health Consumer Index for 2008 places Canada 23rd out of the 29 countries surveyed. A particular problem is poor access to medicines, which suggests that the sector has more potential in terms of approving and prescribing innovative drugs. According to the Fraser institute, a free-market think tank, patented drugs are significantly cheaper in Canada than in the US, but because of the lack of market forces in the system, generic drugs are much more expensive. This can result in Canadians actually spending a greeter proportion of their income on medication than their counterparts in the US. There is also compelling evidence that suggests that American consumers have greater access to the latest life-saving treatments than their Canadian counterparts, who rely on their country’s public drug programmes.
Meanwhile, the province of Ontario is planning to plough CAD150mn (US$149mn) into the pharmaceutical sector in a bid to boost employment levels. The money accounts for almost 10% of the CAD1.15bn (US$1.1bn) ‘Next Generation Jobs Fund’, which is designed to attract investment and employment in the province. The author believes that local drugmakers will benefit from the funding with research-based drugmakers permitted to apply for grants, loans, and no-interest financing for training, research and infrastructure.
In the Business Environment Ranking for the Americas region, Canada remains in second place behind the US. The country benefits from an advanced and sophisticated drug sector as well as a very stable political and economic climate and low corruption. However, the country’s IP laws are frequently criticised with ‘evergreening’ considered a particular problem.
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