Actually, the PMPRB people cited that example in public debate. It's an example of what you shouldn't do when you want to advance an argument in science. It's anecdotal. They took a suitable country that exhibits in several respects what they wanted to demonstrate, but it's a small, two-country correlation. I'm sure you'll agree the sample is very small. They also disregarded many factors. They may have omitted many factors that are responsible for the fact that there's no more investment in Belgium, for example.
They could have presented a counterexample such as Switzerland, where prices are higher and there's an extremely high level of spending, private pharmaceutical R&D investment and extremely enviable access, for the Swiss, to new medicines.
So this kind of example is of little value in practice because it's anecdotal.