5.
Teva Canada manufactures both generic and brand-name pharmaceuticals. We know that, while brand-name pharmaceuticals certainly play an important role in driving innovative new therapies, generic equivalents are equally vital to our healthcare system, because they deliver significant cost savings and improve accessibility for all—to proven, trusted medications.
International laws recognize that a price monopoly should last for a limited time period. For medications in Canada, that time period is 20 years. Brand-name manufacturers price their products higher to recoup their research investment during this monopoly period.
Once the patent-protected monopoly is over, however, we bring generic versions of these drugs to market—allowing patients and Canadian taxpayers to benefit from the savings of billions of dollars each year.
In 2015 alone, generic drugs saved the Canadian healthcare system, employers and consumers nearly $15 billion—savings that can be reinvested in healthcare services.
Generic medications create competition for brand-name medications—healthy competition that improves accessibility to medication, saves money and stimulates innovation.
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