Canadian pharmaceuticals market to expand at 4.4% CAGR; likely impacted by generic prices cuts

Canada's pharmaceuticals market should grow relatively slowly over the forecast period. Its value in 2008 was C$22.9 billion ($22 billion), according to a new report from Business Monitor International, whose authors expect this to rise to C$30 billion by the end of 2014, representing a compound average growth rate (CAGR) of 4.41% in Canadian dollar terms. In the longer term, the report forecasts that the Canadian drug sector will reach a value of C$35.1 billion in 2019, representing a CAGR of 3.18% in local currency terms.

However, Canada's economy has emerged from the global economic downturn relatively unscathed. This report forecasts the economy will actually grow by 2.5% in 2009, in an environment where most industrialized nations will post a significant contraction.

Strength returning to Rx sector