Coming together for the first time in Canada, the world's key players
in the generic pharmaceutical industry choose Montreal
MONTREAL, Sept. 28 /CNW Telbec/ - Jim Keon, President of the Canadian Generic Pharmaceutical Association (CGPA), is pleased to announce a major Canadian premiere: Montreal is hosting the world's largest gathering of the generic pharmaceutical industry - the 12th edition of the annual conference of the International Generic Pharmaceutical Alliance (IGPA).
An industry at the heart of Quebec's economic growth
This choice confirms that, contrary to the widely held myth that the generic pharmaceutical industry is developing only outside of Quebec, it is experiencing strong growth in the province. In fact, according to data compiled by the government of Quebec, the industry has grown 51% in Quebec, from 2,600 jobs to some 4,000 between 2001 and 2008. Moreover, this does not take into account the thousands of indirect jobs with high value-added generated by the industry in fields such as clinical research and specialized services.
Another noteworthy fact attesting to a major change in the Quebec pharmaceutical industry in general: today, the main employer in the Quebec pharmaceutical industry is a manufacturer of generic drugs.
The Canadian generic pharmaceutical industry allocates more than 15% of its revenues to research and development, or almost two times as much as brand-name pharmaceutical companies. In concrete terms, this represents investments of $615 million a year.
About the Conference
This event, which will be held from September 30 to October 2 at the Westin Montreal Hotel, will bring together the key players in the industry worldwide, confirming the importance, vitality and growth potential of Quebec and Canada as industrial bases and promising markets for the generic pharmaceutical industry.
"This annual conference represents an ideal opportunity for obtaining the latest information on our industry's advances and breakthroughs at every level. It also allows us to identify the challenges we will face over the coming years and establish the foundations for future actions that will enable us to ensure our industry's continued development. It is a forum of choice for demonstrating the key role we must play, if we are to contribute to economic growth and help reduce the cost of the health care systems in Quebec and Canada", noted Jim Keon.
About the Canadian Generic Pharmaceutical Association
The Canadian Generic Pharmaceutical Association (CGPA) represents Canada's generic drug industry - a dynamic group of companies that specialize in the production of high quality, affordable generic drugs and fine chemicals and in conducting the clinical trials required for government approval of generic drugs. The industry plays an important role in controlling health-care costs in Canada. Generic drugs are dispensed to fill 52 per cent of all prescriptions but account for only 23 per cent of the more than $20-billion Canadians spend annually on prescription medicines.
SOURCE Canadian Generic Pharmaceutical Association
For further information: For further information: Patricia Archambault, (514) 251-1044, Mobile: (514) 710-1044; Diane Jeannotte, (514) 284-2860 ext. 2, Mobile: (514) 772-8019