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Canada Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Dec 2008, Pages: 74
The Canadian drug market should record reasonable growth in local currency terms over the forecast period, reaching a value of US$29.3bn in 2012. Fluctuations in the exchange rate, however, will mean that there will be greater variations in the pharmaceutical market in US dollar terms. Overall, growth will be slower than over the previous five years, owing to government cost-containment measures, aimed at curbing Canada’s high consumption. Patent expiries should have the dual impact of suppressing growth in the patented-drug sector while driving the generics sector forward. Indeed, by 2012, we expect generic-drug expenditure to reach US$5.5bn.
The Canadian government is reportedly set to invest CAD1mn (US$0.99mn) to establish a network of pharmaceutical research centres that will assess the safety and effectiveness of drugs after they have been launched. The network will be a part of the Food and Consumer Safety Action Plan, which was launched by Canada in December 2007. We believe that research-based drugmakers are unlikely to welcome another layer of regulations in an already difficult operating environment
Meanwhile, the first approval of Swiss firm Basilea Pharmaceutica's anti-infective Zeftera (ceftobiprole) has highlighted the differences in regulatory agencies in the US and Canada. After reviewing the drug's dossier for nearly 12 months, the Canadian health ministry – Health Canada – was satisfied with the cephalosporin's safety, efficacy and quality of manufacture, and accordingly gave the green light for commercialisation. This was despite the US Food and Drug Administration (FDA) rejecting Zeftera in March 2008 and asking for a further assessment of the drug's clinical data.
Elsewhere, WellSpring Pharmaceutical, a North American-based pharmaceutical manufacturer expanded its consumer health product line by concluding a deal with McNeil Consumer Healthcare in Canada. Under the terms of the transaction, Wellspring has bought the US and Canadian rights to a number of over-the-counter (OTC) products. The Canadian drugs are Micatin, Gelusil and Glycerin Suppositories (glycerol + gelatin).
In our Q408 Business Environment Rankings for the Americas region, Canada has fallen from second to third place. The drop comes after we downgraded the country’s pharmaceutical market forecast, while Puerto Rico has also improved its business environment in the quarter.
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