Pharma sector's R&D investment in Canada is chronically underreported

For the third consecutive year, a KPMG study commissioned by Canada’s Research-Based Pharmaceutical Companies (Rx&D) has determined that R&D investments made by Canada’s innovative pharmaceutical sector continue to be consistently underreported, by around 34% for 2012.

The report, titled Summary of 2012 R&D Spending and Investments by Rx&D Members, is the result of information gathered by KPMG and presents a more fulsome picture of the industry’s investment than the reports issued in previous years by the Patented Medicine Prices Review Board (PMPRB). It is anticipated that the 2012 report of the PMPRB will show this same trend.

“This report reinforces our industry’s commitment to Canada and to Canadians. With C$1.11 billion [$1.08 billion] invested in Canadian life science for 2012, our contribution is significant and diversified,” said Russell Williams, President, Rx&D, adding: “We know that our work translates into a C$3 billion dollar impact on the Canadian economy. That’s 46,000 direct and indirect jobs and approximately 3,000 on-going clinical trials.”