U.S. Chamber Statement on the Health Canada Announcement of Final Amendments to the Patented Medicines Regulations

Patrick Kilbride, Sr. Vice President, Global Innovation Policy Center, U.S. Chamber of Commerce made the following statement on the Health Canada Announcement of final amendments to the Patented Medicines Regulations:

“Bio-pharmaceutical innovation is the force behind longer, more rewarding lives for people everywhere. New, patented medicines are providing cures for diseases and conditions that were untreatable just a few years ago. To sustain this wave of innovation, the price of medicines must accurately reflect the investment in decades of research and development, testing for safety and efficacy, and commercialization. Health Canada’s stated belief that, "Countries [need] to have policy measures in place to constrain free market pricing for medicines,” stands in stark contrast to the principle of returning fair value for the private sector investment and risk-taking in innovation. Today’s announcement by Health Canada that it will artificially set lower prices for medicines through the Patented Medicines Regulations is a regrettable choice to be a receiver of innovation, rather than a contributor. The result of Health Canada’s decision will inevitably be reduced and delayed access for Canadian patients to the latest innovative medicines.”