Canadian pharmaceuticals market set for steady growth to $25 billion by 2021

19 July 2017

The Canadian pharmaceutical market is set to grow from $22.6 billion in 2016 to around $25 billion by 2021, representing a compound annual growth rate of 2%.

According to research and consulting firm GlobalData’s latest report, Canada has a strong pharmaceutical industry footprint and is one of the leading locations for clinical trials. Global companies and biotechnology firms have increased their investments in academic industrial translational activities in Canada in recent years, and major pharmaceutical companies conduct a significant portion of their clinical trials there. It is this strong R&D and clinical trial environment that is driving the growth of the market, along with Canada’s increasing elderly population.

The country’s pharmaceutical industry is shifting towards externalized R&D via partnerships and collaborations, with the government setting up programs such as the Business-led Networks of Centres of Excellence (BL-NCEs), Centers of Excellence for Commercialization of Research (CECR) and other innovation initiatives such as the Structural Genomics Consortium.

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