A lot has happened in the past week, and we are so excited to share it with you. Our recap is your front-row seat to these stories, starting off with the 2022 Patented Medicine Prices Review Board (PMPRB) Annual Report. In the latest update from the Federal Minister of Health, Mark Holland, the report highlighted that sales of patented medicines in Canada reached $18.4 billion in 2022, comprising around 49%of total medicine sales. The comprehensive report covered various aspects, including trends in prices and sales, pharmaceutical research and development spending, and updates on the PMPRB's price review and reporting activities.
Concerns about the pharmacare program heightened as a recently published report by The Lancet took center stage in addressing the prolonged political standoff in Canada surrounding the implementation of a national pharmacare program pledged by the federal government five years ago. The report outlined the persisting challenges and opposition from the patented drug and private health insurance industries despite widespread support for pharmacare, citing concerns about profitability and coverage dilution.
It also noted the slow progress of pharmacare legislation due to fiscal challenges and industry opposition despite efforts by politicians like the leader of the New Democratic Party (NDP), Jagmeet Singh.
While all of this is happening, the Montreal Economic Institute (MEI) released a study warning that implementing a single-payer universal drug insurance plan in Canada could lower coverage quality for at least 21.5 million Canadians.
Next, we now turn our attention to a proactive measure aimed at strengthening Canada's healthcare sector. The federal government, represented by Minister of Small Business Rechie Valdez, announced an investment in the Foreign Credential Recognition Program to support internationally educated health professionals in joining our healthcare sector.
The initiative, supported by Premier Ranj Pillai and Minister Tracy-Anne McPhee in Whitehorse,Yukon, aims to bridge the gap between skilled professionals and healthcare workforce needs, particularly in underserved regions like Yukon. The initiative arose from the critical shortage of family doctors, affecting up to 10 million Canadians who may soon lack access to primary care. This crisis stems from a combination of retiring physicians, a shift towards specialized medicine, and the burdens of excessive paperwork and administrative tasks.
Another move was made by a Canadian delegation led by Premier Scott Moe of Saskatchewan to combat this crisis. The delegation met with India's Science & Technology Minister Jitendra Singh to explore collaborations in clean technologies, bioeconomy, and affordable healthcare, including pharmaceuticals and biomedical instrumentation, as reported by NDTV.
Minister Singh highlighted India's Global Biofuels Alliance initiative, focusing on biofuel development. Premier Moe emphasized the growing relationship between India and Saskatchewan and the resolve to collaborate for mutual growth. Both countries acknowledged the strong ties between academia, research institutions, and industries in fostering strategic partnerships.
Meanwhile, at the Canadian Institutes of Health Research-Institute of Musculoskeletal Health and Arthritis (CIHR-IMHA), the Inclusive Research Excellence Prizes was launched to celebrate outstanding completed research projects within its broad mandate areas across six research domains. Aligned with CIHR’s Strategic Plan 2021-31, the initiative emphasizes a more inclusive concept of research excellence that values equity, diversity, and inclusion, and recognizes a wide range of knowledge creation and methodologies.
With a total of$900,000 in prizes, the initiative aims to spotlight diverse Canadian leadership and provide support to early- and mid-career researchers, specifically allocating funds across domains such as indigenous health research, open science, research impact, team science, patient engagement, and implementation science.
Each week, we're dedicated to delivering recaps of our top stories. If you're looking for a more in-depth understanding of these topics, why not book a free consultation with us today?
