Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Canada federal court dismisses drugmakers' plea challenging drug price rules

share with twitter share with LinkedIn share with facebook
06/29/2020 | 07:15pm EDT
Logo of U.S. pharmaceutical corporation Pfizer Inc. is seen in Zurich

The federal court of Canada on Monday dismissed a plea by drugmakers challenging the Canadian government's new regulations aimed at lowering prices of patented drugs that could potentially lead them to lose billions over a decade.

The court struck down one part of the new regulation, finding that using certain payments to third parties to determine a drug's regulated price went beyond the government's authority, but upheld the bulk of the rules.

Canada published the final regulations in August last year, despite strong opposition from drug companies. The lawsuit was filed in federal court and is led by Innovative Medicines Canada (IMC), which represents major drugmakers in the country.

The new rules will save money for patients, employers and insurers including the government at the expense of drug company profits.

The Canadian reforms could spill into the drugmakers' most lucrative market, the United States, where policymakers have suggested importing less expensive Canadian drugs or basing some prices on drug costs in other countries, including Canada.

The plaintiffs included the Canadian units of Pfizer Inc, AbbVie Corp, Amgen Inc, Bristol Myers Squibb Co, AstraZeneca Plc, Novartis AG and Eli Lilly and Co.

The new regulations, which take into account cost-effectiveness of medicines and their impact on government budgets, apply only to drugs approved by Health Canada.

The regulations which were to go into force on July 1, have been deferred until Jan. 1, 2021.

(Reporting by Dania Nadeem in Bengaluru; Editing by Shounak Dasgupta)

Stocks mentioned in the article
ChangeLast1st jan.
ABBVIE INC. -1.10% 93.25 Delayed Quote.5.32%
ASTRAZENECA PLC -0.33% 8510 Delayed Quote.11.74%
IMC S.A. 1.77% 11.5 End-of-day quote.-7.63%
PFIZER, INC. 0.16% 38.45 Delayed Quote.-1.86%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
03:11aGerman industrial orders surge in fresh sign of recovery
03:07aLong bets on most Asian currencies rise as U.S. recovery doubts knock dollar - Reuters poll
02:59aSiemens CEO says China business is doing better than last year
02:58aUK finance watchdog flags concerns about repeat lending, affordable credit
02:49aSAVANNAH RESOURCES : Mina do Barroso University of Minho Report
02:48aWHAT'S NEWS : World-Wide
02:48aWHAT'S NEWS : Business & Finance -- WSJ
02:42aBank of England Holds Benchmark Interest Rate Steady
02:40aBank of England sees slower recovery from COVID hit
02:25aUK's labour market slump eases in July, but outlook grim - REC
Latest news "Economy & Forex"