The Need for Regulatory Innovation in Canada: A Series (Issue 1)
Healthcare innovation has a strong position in Canada. From Insulin to Pacemaker to Polio Vaccine, medical products have revolutionized the healthcare system not only in this country but the entire world. In the current times, with the rapid technological advancements and global interconnectedness, the opportunities have been leveraged with a greater impact through collective advances in the field of life sciences and technology. [1]
At present, there is a greater need to provide better transparency and lesser ambiguity in the healthcare sector. The regulations surrounding it are still evolving. One of the main reasons we need regulatory innovation is that it increases the accessibility of innovative medical products to the public.
The Challenge
The major challenge in bringing innovative medical products into the Canadian market is the regulatory flexibility that supports innovative research and health product development. Such flexibility can only be established when strong scientific knowledge and evidence-based data come together for the respective products. This knowledge will also help to regulate the risks, benefits, and uncertainties of the more diverse and complex products. [2]
The following picture provides a representation of the current market estimations in this sector.
