Thank you, Ms. Alleslev. I'll try to respond to this efficiently.
The government is trying to propose new criteria or new factors in terms of setting price. If we think about the role of the federal government, it is a price regulator. Its mandate is to ensure that prices in Canada are not excessive compared to a basket of comparator countries. What they are proposing is additional regulatory burden: processes, criteria and pathways that are not seen anywhere else in the world, frankly. That's one piece.
The second piece is in terms of that basket of comparator countries. We believe that our prices in Canada for pharmaceuticals are in fact fair. We're highly regulated. We compare against countries of like economic status, and we undergo many other steps in the process. We have to demonstrate, through a health technology assessment system, that our pharmaceuticals are cost-effective and that they deliver value. We then work very closely with the provincial governments to negotiate the price of the pharmaceuticals. There are significant cost savings there.
It's a highly regulated environment. It's a system that enables our public payers to achieve significant savings through the pan-Canadian pharmaceutical alliance. It's a system that is working. What the government is now proposing is untested and unprecedented measures that would have a detrimental impact on our industry. We are looking at up to 40% impact on our revenues overall, and there is no industry that can sustain that.
What we are asking for is an opportunity to sit down with the government, stop the letters going back and forth, and work on some concrete, implementable solutions that can be implemented in a timely way. Let's work toward building up Canada's innovation and skills strategy and keep the research and investments coming into Canada. It's really about looking at a balanced policy approach to bring health and innovation together, to ensure that Canadians continue to have access to innovative new medicines and that we continue to stimulate and drive the innovative health research ecosystem in Canada.