Innovation in the pharmaceutical industry is vital to Canadians’ physical and economic health. This paper explores its unique characteristics and requirements, and what we can do to ensure that it flourishes.
Document Highlights
Innovation in the pharmaceutical industry has improved the health of Canadians and fuelled economic growth. Over the last decade, Canada has been excelling in pharmaceutical innovation, recording the highest annual growth rate (5 per cent) among the G7 countries.
However, maintaining and increasing this momentum is a challenge for both government and business leaders. The innovation process in the pharmaceutical industry is a high-risk venture, involving a long lead time and substantial R&D resources. It also requires a sound corporate strategy and a business environment that includes an excellent research infrastructure, a favourable market, and an appropriate policy and regulatory climate in which proprietory rights are securely protected and patent laws are strongly enforced.
Canada’s pharmaceutical industry competes in the global high technology marketplace for international investment. All players must do everything they can to make our country a location of choice for global pharmaceutical innovation. This paper explores how we can do so.
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