The Canadian pharmaceutical industry is a billion-dollar industry with the largest market in North America. However, there are many misconceptions about how it works and what is being done to keep Canadians safe from unsafe drugs. There’s a lot of misinformation out there about drug safety standards, so we are going to break down some key points for you! In Canada, pharmaceutical companies have rigorous standards that they have to follow in order to be able to sell their products here.
Pharmaceutical drugs are a common topic of discussion, but do you know how much Canadian pharmaceuticals cost? The average price for prescription medications in Canada is about 50% higher than the U.S., and there are many factors that contribute to this difference.
Benefits
Canadian Drug Industry is the Best in Field
Canada is a country with some of the best pharmaceutical companies in the world. There are many factors that contribute to this, but one main factor is how Canada provides more protection for intellectual property rights. This means Canadian-based pharma companies have more money for research and development, which leads to better products.
How can you be sure your prescription medications are safe?
That’s an important question because drug recalls happen all the time in North America – but not in Canada. Canadians enjoy strong regulations when it comes to medication safety and quality control that prevent dangerous drugs from ever reaching store shelves or even being imported into our country. Pharmaceuticals sold in Canada must meet stringent standards set by Health Canada before they’re approved for sale here at home or abroad.
Conclusion
The Canadian pharmaceutical industry is a vital part of Canada’s economy. According to the National Association of Pharmacy Regulatory Authorities, Canadians spend more on prescription drugs than any other country in the world.
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