According to a 2017 GlobalData study, the Canadian pharmaceutical market is expected to grow steadily to $25 billion by 2021, up from $22.6 billion in 2016. Among the attributes behind this growth, Canada’s pharmaceutical industry is recognized for its thorough manufacturing and innovation.
While smaller and developing pharmaceutical markets are experiencing more growth around the globe, Canada’s reputation is secured by reliable manufacturing and thorough clinical research. Naturally, this spells continued opportunity for pharmaceutical professionals in this country.
Are you curious to find out about innovation and opportunity in Canada’s pharmaceutical manufacturing industry? Keep reading for more information.
Pharmaceutical Production is a Key Area for Canadian Innovation
Pharmaceutical manufacturing professionals play a critical role in the development of new pharmaceutical products, ensuring consumer demand is met safely and effectively. These manufacturing roles are multiplying in Canada, as the industry meets growing pharmaceutical demand. According to Statistics Canada, pharmaceutical manufacturing employed 30,000 Canadians in 2017, indicating a 10.7% growth from five years earlier.
While research and development spending in Canada has dropped by 13% between 2001 and 2016, this figure is thought to reflect changing methods for pharmaceutical innovation. Research is increasingly funded by new external investments, which accounted for an estimated $450 million in additional research and innovation spending in 2016. In fact, in 2017, pharmaceutical and biotechnology companies accounted for 21 of the 100 biggest research development spenders in Canada.
Canada is Equipped for the Shift in Global Pharmaceutical Manufacturing
In recent years, developing markets have experienced the greatest growth in pharmaceutical manufacturing. For pharmaceutical companies, these new global markets may represent opportunities to meet greater demand and cut production costs. Yet, with opportunities for more complex manufacturing and access to all-important North American clientele, Canada remains an important option for pharmaceutical production.
The Canadian government is helping maintain this international standing, securing its own economic interests by helping this industry succeed. By prioritizing a strong business culture, the government may continue to help the industry adapt to global competition – and a growing trend of external investments. With established standing in the industry, Canadian production is trusted to deliver high-quality products according to the highest industry standards. Big pharmaceutical companies are especially quick to recognize Canada’s top-tier research and thorough clinical trials.
Strong Pharmaceutical Training Helps the Industry Grow
Canadian pharmaceutical manufacturing is supported by top-tier training, which prepares professionals to fill important roles in the industry. These training programs develop the comprehensive skills behind Canada’s reputation for thorough and meticulous pharmaceutical production. Through hands-on learning, a leading pharmaceutical school will prepare students for rewarding work that corresponds with the industry’s best practice and highest compliance standards.
Pharmaceutical programs can also facilitate connections between students and companies – bridging talent and employers for the good of the industry. Career placement is especially important in pharmaceutical hubs like Toronto and Montreal, where schools use their industry clout to help graduates find exciting opportunities. Supporting Canadian-based companies with highly-trained professionals, these schools are a pillar of the country’s manufacturing reputation.
Are you hoping for a career focused on research and innovation?
Contact the Toronto Institute of Pharmaceutical Technology to learn more about our pharmaceutical manufacturing courses.