Federal Minister of Health tables the 2023 Annual Report of the Patented Medicine Prices Review Board

86 new patented medicines were reported to the PMPRB in 2023

OTTAWA, ON, Dec. 6, 2024 /CNW/ - The Honourable Mark Holland, Federal Minister of Health, today tabled the 2023 Annual Report of the Patented Medicine Prices Review Board (PMPRB) with the Clerks of the Senate and the House of Commons.

The 2023 Annual Report outlines trends in the prices and sales of patented medicines in Canada. Sales of patented medicines in 2023 were $19.9 billion and accounted for approximately 47% of the sales of all medicines in Canada.

The report also sets out findings on spending on pharmaceutical research and development in Canada, as well as updated information on the PMPRB's price review and reporting activities in 2023. The format of the report has been revised to be more concise and easier to read.

The PMPRB is an independent quasi-judicial body that protects the interests of Canadian consumers by ensuring the prices of patented medicines sold in Canada are not excessive. The PMPRB also reports on pharmaceutical price, cost, and utilization information to support timely and knowledgeable pricing, purchasing, and reimbursement decisions.

Quick Facts

• 1,146 patented medicines for human use were reported to the PMPRB in 2023, including 86 new medicines.
• Five undertakings to voluntarily lower the price of a medicine and/or pay potential excess revenues to the Government of Canada were accepted in 2023.
• Canadian list prices for patented medicines were higher than all PMPRB11 countries in 2023 and fourth highest among the 31 Organisation for Economic Co-operation and Development (OECD) countries.
• $514 were spent on patented medicines per Canadian. This is an increase of $50 from 2022, due mainly to the entry of new, higher-priced medicines.
• Rights holders reported $1.07 billion in research and development (R&D) expenditures in 2023, for an average sales-to-R&D ratio of 3.7%. This result is based on the definition of R&D outlined in the Patented Medicines Regulations.

Associated Links
2023 Annual Report of the Patented Medicine Prices Review Board (PMPRB)

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SOURCE Patented Medicine Prices Review Board

Contacts: PMPRB Media Relations, [email protected]