Report says Canadian drug market getting hot

Canada may not have a huge drug market for pharma to target, but it has a growing one. That is the forecast from consulting firm GlobalData, which projects drug sales more than doubling to $45.9 billion by 2020 from $19.7 last year, reports Manufacturing Chemist. It pegs that growth to Canada's elderly population. Although only 14% of Canadians were over 65 in 2010, that segment accounted for about 44% of the healthcare spending by regional governments. By 2020, that age group will be 17% of the population and should account for much more spending, the report suggests. Canada has universal healthcare, which is supplemented by employer health plans. Recently, two of the largest private insurers began insisting that covered employees use generics when they are available as a way to cut costs. Story | More