New data shows the innovative pharmaceutical industry contributes significantly to Canada's R&D and economy

OTTAWA, ON, June 13, 2024 /CNW/ - This week, Statistics Canada published new data that demonstrates the important impact the innovative pharmaceutical industry has on Canada's economy and research and development (R&D) funding. In 2021, the sector invested close to $3 billion in R&D, supported over 102,000 high-value full-time jobs, and generated $16 billion in total economic activity in Canada.

This report further underscores the industry's contributions to the total health of Canadians, our economy, and our innovation ecosystem. The sector not only harnesses the best that science has to offer to develop and deliver life-changing medicines and vaccines to Canadians, but it also invests significantly in Canadian life sciences jobs, research, and healthcare innovation.

Based on these new data, Canada's innovative pharmaceutical industry has an R&D-to-sales ratio of between 8.4 per cent and 10.8 per cent.

Innovative Medicines Canada is the national association representing the voice of Canada's innovative pharmaceutical industry. The association advocates for policies that enable the discovery, development, and delivery of innovative medicines and vaccines to improve the lives of all Canadians and supports the members' commitment to being a valued partner in the Canadian healthcare system. The association represents 47 companies that help fuel Canada's knowledge-based economy. Guided by the Code of Ethical Practices, all members work with governments, private payers, healthcare professionals, and stakeholders in a highly ethical manner.

SOURCE Innovative Medicines Canada