Press release
The new pharmaceutical policy:
An important development for
a strategic sector of Montreal's economy
Montreal, February 1, 2007 The Board of Trade of Metropolitan Montreal welcomes the pharmaceutical policy presented today by the Quebec Government and is particularly pleased by the positive impact it will have on companies in the pharmaceutical sector especially those in Montreal.
During the Quebec government's consultation on its new drug policy, we stressed the harmful impact on pharmaceutical companies produced by the twelve-year price freeze on listed medication. We are therefore delighted by the government's decision to end this price freeze, first and foremost because it will enable innovative pharmaceutical companies to enjoy an environment much more favourable to their competitiveness, declared Isabelle Hudon, president and CEO of the Board of Trade of Metropolitan Montreal.
It was important to take action in this sector, given the fierce competition facing Montreal and Quebec in attracting new investment and carrying out new research mandates. Already, we may consider the pharmaceutical industry an important sector of the industrial cluster to be one of the flagships of the Montreal and Quebec economies. In fact, Quebec accounts for some 45% of the total investments in this industry in Canada the vast majority centred in Montreal and this industry injects $2 billion annually into the Quebec economy. In Montreal, more than 18,000 people working in the biopharma sector will benefit from the leverage effect of this policy. That said, while Montreal clearly possesses key assets in this area, particularly with regard to skilled labour, it was desirable that the return on investment of these companies should be reasonably favoured, and this new policy is certainly a step in the right direction, concluded Hudon.
The Board of Trade of Metropolitan Montreal has some 7,000 members. Its mission is to represent the interests of the business community of Greater Montreal and to provide individuals, merchants and businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity and competitiveness. The Board of Trade is the largest private organization in Quebec dedicated to economic development.
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Source:
Sylvie Paquette
Coordinator, Media relations
Board of Trade of Metropolitan Montreal
Tel.: (514) 871-4000, ext. 4015
sylvie.paquette@ccmm.qc.ca