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Canada Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, July 2008, Pages: 66
Canada Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Canada's pharmaceuticals and healthcare industry.
The Canadian drug market should record solid growth over forecast period in nominal terms, reaching a value of US$29.2bn. Growth, however, will be slower than over the previous five years, due to government cost-containment measures, aimed at curbing Canada’s high consumption. Also having an impact will be the large raft of patent expiries expected. The generics sector will benefit from this and should outpace the rest of the market in terms of growth, rising from a value of US$3.8bn in 2007, to US$5.5bn in 2012. In 2007, generic drugs accounted for 49% of the market in volume terms.
Meanwhile the OTC sector is developing well, driven by a wave of deregulation. Fears over COX-2 inhibitors such as Merck & Co’s Vioxx (rofecoxib) have also led to consumers returning to OTCs such as aspirin and ibuprofen when medicating conditions like osteoporosis.
A report by Canadian independent research organisation the Fraser Institute argues a strong case against those that attribute Canada's rising healthcare expenditure to perceived increased pharmaceutical prices and an overuse of patented drugs. The survey is held up as evidence that the link between government expenditure and pharmaceutical spending is breaking down in developed states. Government expenditure on prescription drugs was just 9.3% of government expenditure on healthcare in 2006, a proportion that had actually declined from 9.6% in 2005, despite fast growing health expenditure.
Elsewhere, European pharmaceutical company Sanofi Pasteur is investing in a new drug research centre in North America, highlighting EU companies' continuing focus on performing R&D outside Europe. Sanofi Pasteur, the vaccine division of the French drug maker, is to invest US$99.2mn in a new state of the art facility at the company's Connaught Campus in Ontario, Canada.
Canada remains in second place in Business Environment Rankings for the Americas region behind the dominant US market. However, Canada has improved its score for the regulatory section, due to plans to create a pathway for biosimilars and change the focus of the approvals process to more postmarket, rather than pre-market evaluations.
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