Pharmaceutical Industry Drives Canadian Economy with $25B in Value
A new report from Deloitte Canada highlights the significant contribution of the innovative pharmaceutical industry to Canada's economy. The sector generates $25 billion in economic value, supports nearly 150,000 high-value jobs, and invests $3.5 billion in research and development (R&D). This makes it a strategically important sector for Canada's economic growth and productivity.
According to the report, every dollar invested in the industry generates almost three dollars in economic value through quality jobs, labour income, and government revenue. The industry is also one of Canada's top R&D investors, outpacing both auto and aerospace manufacturing industries.
Innovative Medicines Canada (IMC) welcomes the report's findings and emphasizes that the industry is not just about better health outcomes but also a foundational part of Canada's economy. However, IMC cautions that recent global drug policy shifts, triggered by the introduction of most-favoured nation pricing in the U.S., threaten this significant economic footprint and patient access to new life-saving medicines.