Rx&D commends federal government on appointment of expert panel

OTTAWA, Oct. 15 /CNW/ - The following is a statement by Russell Williams, President of Canada's Research-Based Pharmaceutical Companies (Rx&D), on the launch of the Government of Canada's Research and Development Review Expert Panel

"We would like to commend the Government of Canada in following up on its commitment in the 2010 Budget to launch a review of Canadian private sector Research and Development (R&D) to improve its contribution to innovation and create greater economic opportunities for business. Canada must equip itself with the policies and programs which will allow it to compete on the global stage.

"Rx&D member companies are the single largest source of health research and development within Canada's business enterprise sector. In 2009, Rx&D members invested more than $1 billion in scientific and clinical research in Canada. We are a key part of Canada's health research enterprise and are helping to grow this capacity.

"The work of this Expert Panel is timely because the need to improve Canada's innovation performance is urgent. In the current environment, the capacity of the innovative pharmaceutical industry to invest in Canada is under increasing pressure. Emerging economies are putting in place all the right tools and policies to capture the significant economic value-creation and health benefits inherent in a strong life sciences industry.

"We are particularly pleased that the Expert Panel will be reviewing tax incentive programs such as the Scientific Research and Experimental Development (SR&ED) program. We believe that there are a variety of improvements that could be made to this program as well as to others. The current rules are more stringent than any other OECD country and currently place Canada at a competitive disadvantage. The Expert Panel should also take a look at the recommendations put forward by the Coalition for Action in Innovation in Canada to boost productivity, create jobs and raise income level for Canadian workers.

"Our industry is looking forward to contributing to the work of this Expert Panel over the coming year and working with the Federal Government and other partners to create the stable, predictable environment needed for our sector and our country to compete and prosper here in Canada."

About Rx&D

Rx&D is the association of leading research-based pharmaceutical companies dedicated to improving the health of Canadians through the discovery and development of new medicines and vaccines. Our community represents 15,000 men and women working for 50 member companies and invests more than $1 billion in research and development each year to fuel Canada's knowledge-based economy. Guided by our Code of Ethical Practices, our membership is committed to working in partnership with governments, healthcare professionals and stakeholders in a highly ethical manner.

For further information:

François Lessard
Communications
Telephone: [phone]
E-mail: [email protected]