Posted by Michael Wonder on 23 Sep 2021
Canada should negotiate a fairer share of drug R&D costs
23 September 2021 - Instead of relying on price regulation, Canada should engage in negotiations about drug pricing.
Big changes are afoot in the way patent drugs are priced in Canada. At present, Canada’s Patented Medicine Prices Review Board (PMPRB), a federal agency, is responsible for setting maximum prices for patented drugs (i.e., pharmaceuticals, biologics and vaccines).
The agency has been criticised for failing to rein in prices, which are higher than in some peer countries. This criticism is unfair: the tools the PMPRB was given to regulate drug prices when it was established in 1987 have become less effective over time.
