Pharmaceutical companies disappointed in Canada’s new price controls
Published February 4, 2020 at 12:51 am
According to a recent survey, new federal price controls for patented medicines in Canada have resulted in delayed product launches and losses of pharmaceutical jobs.
According to a recent survey, new federal price controls for patented medicines in Canada have resulted in delayed product launches and losses of pharmaceutical jobs.
The survey, conducted by Life Sciences Ontario, found that respondents unanimously believe the new price controls will have a negative impact.
“This survey refutes the federal government’s position that there will be no negative consequences for Canadians from its new drug pricing policy,” Jason Field, president and CEO of Life Sciences Ontario, said in a news release.
“LSO strongly supports efforts to ensure affordable drug prices for Canadians, but not at the expense of a completive life science environment that supports clinical research and makes new, innovative medicines available to Canadians. The complex new rules and uncertainty of how they will be applied directly contradict the government’s stated goal of building a competitive knowledge-based economy in Canada,” he continued.
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Respondents included 36 pharmaceutical companies from both Canadian companies as well as Canadian affiliates of global pharmaceutical companies.
The Canadian government, meanwhile, say the regulations will reduce patented drug prices and save Canadians $13.2 billion over a decade.
The new legislation is Canada’s biggest reform to the drug price regime since 1987; designed to save money for patients, employers, and insurers including the government at the expense of drug company profits.
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