On December 6, 2024, the Minister of Health tabled the 2023 Annual Report of the Patented Medicine Prices Review Board (PMPRB).
One notable change in the 2023 Annual Report is the use of Canadian list prices (gross prices) for many analyses that were based on average transaction prices (net prices) in past years, such as foreign-to-Canadian price ratios. The results may therefore not be directly comparable to previous annual reports.
Key findings from the 2023 Annual Report include the following:
- The national list price for patented medicines increased by 0.7% in 2023, while the Consumer Price Index rose by 3.9%. In comparison, while prices in Italy and the Netherlands increased, prices in all other PMPRB11 countries decreased, most notably in Australia (-4.0%) and Belgium (-3.3%).
- Sales of patented medicines in Canada increased by 8.2% over the previous year.
- Rights Holders in Canada reported $1.07 billion in research and development (R&D) expenditures in 2023, an increase of 17.0% over 2022. The average R&D-to-sales ratio for all Rights Holders was 3.7%, an increase from 3.1% in 2022.
Should you have any questions, please do not hesitate to contact a member of the Life Sciences Regulatory & Compliance Group.
The preceding is intended as a timely update on Canadian intellectual property and life sciences regulatory law. The content is informational only and does not constitute legal or professional advice. To obtain such advice, please communicate with our offices directly.