Trade deficit on drugs a harbinger of higher costs under Canada-EU deal: experts

OTTAWA – Canada’s deficit in its prescription drug trade with Europe has grown to more than $25 billion over the last five years.

And experts say that’s one more sign that consumers will face higher drug prices once the recent Canada-EU free trade deal comes into effect.

That figure emerged in an analysis by The Canadian Press of Canada’s pharmaceutical trade with the European Union from 2008 to 2012, the most recent year statistics are available.

The analysis shows Canadian exports of pharmaceutical products to Europe being dwarfed by imports from the United Kingdom, France, Germany and Sweden among others.

A spokesman for Trade Minister Ed Fast says that’s because the EU has a much larger global footprint in the sector, but he said Canada maintains superiority in the fish and seafood sectors.

Last month, the European Union won key pharmaceutical concessions from Canada after four tough years of free-trade negotiations.