Good economics and good health: How Canada’s pharmaceutical companies

April 11, 2018
1:35 PM EDT

Last Updated
April 14, 2018
11:00 AM EDT

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When we speak of the economy, we tend to talk of it in terms of its health. A declining economy is lethargic and sluggish, while a growing one is vibrant and robust. An often overlooked, yet integral, contributor to the health of the Canadian economy is the pharmaceutical industry and the partnerships it creates – partnerships to develop new innovative medicines that boost our physical health and improve the health of our bottom line.

An Ernst and Young report, commissioned by pharmaceutical industry body Innovative Medicines Canada (IMC) pegs that sector’s overall direct and indirect economic value at $19.2 billion, and that figure only tells part of the story. Through unique work and key partnerships, the pharmaceutical industry plays an important role in helping researchers bring new medicines to patients who need them.

Ground-breaking new treatments based on patients’ individual genetics, for example, require collaboration. 

Innovative medicines that help improve our quality of life, while driving our economy, wouldn’t be possible without the innovative partnerships that help bring these medicines to market.

 

 

According to a Tufts University study, it can cost over $2.5 Billlion (USD) and take over a decade to bring a drug to market. For startups and academic researchers tasked with discovering new cures and therapies, the support and investment from established pharmaceutical companies is crucial.

Brad Wheeler is a technology transfer manager at the University of British Columbia who works as a liaison between the intellectual property created in university-affiliated labs and the companies that then license and distribute those medicinal inventions. He sees firsthand how the pharmaceutical sector works best when these large companies work with academic institutions and smaller start-ups to foster innovation.

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For example, at Vancouver General Hospital, there is a significant focus on medicine related to both dermatology and prostate cancer, research that is then commercialized by existing pharmaceutical companies or UBC spin-off start-ups. 

One such company is Roche, which is working on a drug for castrate-resistant prostate cancer, a form of the disease that spreads to other areas of the body despite attempts to tamp down on male hormones. 

“The nature of the deal is that Roche will work with UBC on a collaborative research project,” says Wheeler, adding that the synergy works well because of each partner’s unique specialization.

“The pharmaceutical industry has substantial research capacity, particularly in some of the tasks associated with medicinal chemistry,” says Wheeler, “Whereas the Vancouver Prostate Centre is very good with the biology of prostate cancer — it’s a complementary relationship.”

It is an example of how large pharmaceutical companies partner with smaller organizations in the public and private space to create new treatments for Canadians living with illness. While many innovations in healthcare start in academic research, it can take the resources of the pharmaceutical industry to mobilize that research through the many steps that lie between the lab and your medicine cabinet; a process that is generally too costly for academia to take on alone.

It’s clear that the impact of the pharmaceutical industry is significant when measured in dollars and cents, but looking at it only from that lens leaves out another important quality. Through the partnerships and knowledge that arise when all parties work together, researchers have the support they need to see their innovations blossom, and tomorrow’s cures are reaching patients faster than ever before—which is good for our health, and our economy.

This story was created by Content Works, Postmedia’s commercial content division and Patient Diaries, on behalf of Innovative Medicines Canada (IMC) and an IMC member company.