OTTAWA, April 27, 2012 /CNW/ - Canada's Research-Based Pharmaceutical Companies (Rx&D) reaffirms its strong support for Canada to conclude the Comprehensive Economic and Trade Agreement (CETA) with the European Union (EU) in 2012.
"We wholeheartedly support the Government of Canada's commitment to conclude CETA with the EU this year," stated Rx&D President Russell Williams. "An agreement which meaningfully addresses key intellectual property (IP) issues will be a fundamental tool to drive more life science research across Canada, will benefit Canadian workers and families, and improve Canadian healthcare.
"CETA is Canada's most ambitious trade initiative since the historic North American Free Trade Agreement (NAFTA). And by successfully concluding CETA, Canada will be one of the only developed countries with preferential access to more than 800 million consumers in the world's two largest economies - the United States and the European Union," added Williams.
"CETA presents a unique and much-needed opportunity to create new jobs and investment in life sciences across Canada. By harmonizing IP standards with those already in effect in the EU, Canada will become a more attractive, secure, and sustainable place for investment, putting us back on the global investment map", Mr. Williams further noted.
"Twenty-five years ago, Canada made a decision to strengthen pharmaceutical IP as a way to drive increased international investment, and it worked. In 1986, innovative pharmaceutical companies invested $93 million in research and development across our country - today that investment has grown to more than $1.3 billion; an increase of 1,500 per cent. It was a successful strategy, but a quarter century later our competitors around the world have more than caught up. Canada needs to keep pace if we aim to attract more of the global pharmaceutical industry's annual research spend of approximately $110 billion," concluded Williams.
"The federal government is being asked to make a bold decision that will inject new energy, investment, opportunity and hope. The track record is clear. Strong IP stimulates investment. More investment means more life saving medicines, more hope, more opportunity and a more prosperous Canada. We need CETA now."