Federal Minister of Health tables the 2024 Annual Report of the Patented Medicine Prices Review Board

Sales of patented medicines in Canada were $22.1 billion in 2024, a 10.9% increase over the year before

OTTAWA, ON, Dec. 3, 2025 /CNW/ - The Honourable Marjorie Michel, Federal Minister of Health, today tabled the 2024 Annual Report of the Patented Medicine Prices Review Board (PMPRB) with the Clerks of the Senate and the House of Commons.

The 2024 Annual Report reviews trends in the prices and sales of patented medicines in Canada. Sales of patented medicines in 2024 were $22.1 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 2024. 

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

• 1,137 patented medicines for human use were reported to the PMPRB in 2024, including 53 new medicines. 
• Canadian list prices for patented medicines were higher on average than all PMPRB11 countries in 2024 and fifth highest among the 31 Organisation for Economic Co-operation and Development (OECD) countries. 
• Since 1987, costs for patented and generic medicines in Canada have grown at an average annual rate of 6.7%, close to three times the rate of inflation. Pharmaceutical spending makes up 13.7% of total health care spending.
• Rights holders reported $1.29 billion in research and development (R&D) expenditures in 2024, for an average sales-to-R&D ratio of 4.1%. This result is based on the definition of R&D outlined in the Patented Medicines Regulations.

Associated Links

2024 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]