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TORONTO, April 11, 2024 (Globe Newswire) — A recent study published by the Canadian Institute for Health Policy Research examines the availability and wait times for access to new drugs, and increases the We have considered product launches, marketing approvals, and insurance coverage based on these criteria. in Canada, Europe and the United States.
The study found that Americans have better and faster access to innovative medicines than Europeans and Canadians.
Data shows that the US is the top priority market for new drug launches. More than two in three new drug applications filed across jurisdictions from 2018 to 2022 were first launched in the United States.
Of the marketing approvals for new drugs obtained during the same period, the U.S. Food and Drug Administration approved 45% more than Health Canada and 13% more than the European Medicines Agency.
On average, Canadian public drug plans covered only 12% of new drugs covered by U.S. Medicare Part D drug plans, and European public drug plans covered 88%.
In total, from the first day a new drug application is opened in one of the three markets until the day the drug is actively listed on a public drug plan’s prescription list, publicly insured Canadians people waited an average of 2.5 years longer than Americans. People with Medicare insurance waited four months longer than Europeans with public insurance.
Policy options to promote access to new medicines include:
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Drug prices should be voluntarily negotiated according to market competitiveness. Research shows that price regulation is a factor in pharmaceutical companies’ decisions regarding market priorities for new drug launches.
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Mutual recognition of marketing authorizations originally issued by regulators in other jurisdictions can improve domestic regulatory efficiency.
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New drugs must receive interim insurance coverage immediately after regulatory approval, pending post-marketing processes for medical technology evaluation, and public reimbursement.
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Patent term restoration must compensate for delays in regulatory approval and subsequent HTA and public reimbursement.
The study is available free of charge at www.canadianhealthpolicy.com.
Media Contact: CHPI@canadianhealthpolicy.com
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