Why Canada: Is Canada an attractive market for global pharmaceutical manufacturers?
Pharmaceutical sales in Canada have a 2% share of the global market, making Canada the tenth-largest market in the world. Sandra Anderson, Senior Vice President, Commercialization and Strategy, discusses why the Canadian pharmaceutical sector has a growing presence and what makes it so attractive to manufacturers.
Canada is an attractive market for global pharmaceutical manufacturers. We have one of the top economies in the world, and we welcome a lot of foreign direct investment into Canada. We have a very healthy manufacturing environment as well as a very rich research and development market.
In 2015 Canadian companies spent close to $900 million just on pharmaceutical research and development. So Canada is really focused on innovation and growth, and is very open for new manufacturers to come and invest, and do their clinical trials. As well as the opportunity to grow their market, and test the market, in terms of research and development. Because we have such a diverse, multicultural workforce it's also a very attractive place to setup their trials, and continue to invest and setup shop in Canada.