OTTAWA, Oct. 31, 2016 /CNW/ - Innovative Medicines Canada and our members are pleased to see the finalization and signing of the Comprehensive and Economic Trade Agreement (CETA) yesterday between Canada and the European Union. This historic agreement will enable Canada to become a stronger competitor for attracting international life sciences investment.
"CETA represents an important step forward for Canada to have similar intellectual property provisions as its major trading partners," said Elaine Campbell, interim President, Innovative Medicines Canada. "These provisions should create a more equitable legal environment and enable innovative companies to recover part of the patent time lost to delays due to clinical development time and some of the regulatory approval processes impacting the listing of new medicines in Canada."
The life sciences intellectual property improvements included in CETA are:
Patent Term Restoration, which will offer innovative pharmaceutical companies the potential to recover up to two years of time lost on their patent as a result of lengthy regulatory and government approval processes. Canada is currently the only G7 nation that does not provide any form of patent term restoration.
The Right of Appeal, which should allow innovative pharmaceutical companies to more effectively appeal court decisions where a patent is ruled invalid, a process that has been available to challengers but not to patent-owners to date. Innovative Medicines Canada has maintained that regardless of the initial court decision, equal appeal rights for both parties are vital for a fair judicial system.
"We have world-class science, researchers and infrastructure and completing and implementing CETA is a step towards making Canada a world-class destination for investment. Improving our intellectual property regime is an essential component to strengthen Canada's position as a competitive leader on the international stage and fuel continuing investment in the research and development of innovative medicines and vaccines," added Ms. Campbell.
ABOUT INNOVATIVE MEDICINES CANADA
Innovative Medicines Canada is the national voice of Canada's innovative pharmaceutical industry. We advocate for policies that enable the discovery, development and commercialization of innovative medicines and vaccines that improve the lives of all Canadians. We support our members' commitment to being valued partners in the Canadian healthcare system.
SOURCE Innovative Medicines Canada
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