Boston, MA -- (SBWIRE) -- 07/03/2012 -- BMI View: According to the Canadian Institute for Health Information, the growth of spending on prescription drugs in Canada slowed to its lowest level since 1996 in 2011, when it came in at just 4% year-on-year (y-o-y). This slowdown was attributed to the expiration of certain blockbuster drugs' patents, which will continue to place downward pressure on the growth of the overall pharmaceutical market in the country. Nevertheless, epidemiological demands of an ageing population will serve to counterbalance some of those pressures to a degree, even though we continue to expect that the generic drug market will significantly outperform its patented counterpart. In the meantime, market access for innovative products remains hampered by differential reimbursement policies across Canada's provinces and also by the lacking patent protection environment.

Headline Expenditure Projections

- Pharmaceuticals: CAD26.28bn (US$26.57bn) in 2011 to CAD26.46bn (US$25.69bn) in 2012; +0.7% growth in local currency terms and -3.3% growth in US dollar terms. Forecast down slightly from Q212 on account of macroeconomic factors.
- Healthcare: CAD181.47bn (US$183.47bn) in 2011 to CAD188.19bn (US$182.71bn) in 2012; +3.7% growth in local currency terms and -0.4% growth in US dollar terms. Forecast down slightly from Q212 on account of macroeconomic factors.
- Medical Devices: CAD6.52bn (US$6.59bn) in 2011 to CAD6.78bn (US$6.58bn) in 2012; +3.9% growth in local currency terms and -0.2% growth in US dollar terms. Forecast down slightly from Q212 on account of macroeconomic factors.

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Risk Reward: In BMI's Risk/Reward Ratings for Q312, Canada is again placed second in our regional matrix, which ranks 17 key markets. Canada's composite score is some 3% lower than previously, which had itself been lowered at the end of 2011, on account of the previous revisions of its pharmaceutical market growth downward.

Key Trends & Developments

- In March 2012, Canadian firm Valeant announced that it will acquire certain assets from Gerot Lannach, a branded generic pharmaceutical company based in Austria. The acquisition is designed to increase the firm's exposure to Eastern Europe, with approximately 90% of sales relating to these assets in Russia, along with a strong presence in certain other Commonwealth of Independent State (CIS) countries.
- Significant numbers of people in Canada are consulting pharmacists about healthcare issues, according to a survey by Nielsen and the Canadian Association of Chain Drug Stores. The survey, published in March 2012, found 72% of the 5,878 respondents have consulted a pharmacist regarding health issues aside from their prescribed medication. According to the survey, 96% of people want their pharmacist to be more responsible and work more closely with their doctor to enhance healthcare.

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