Canada’s leading drug industry lobby group claims the government’s latest initiative to lower prescription drug costs will weaken innovation and investment in new drugs.

Innovative Medicines Canada (IMC) said it’s concerned that the amended Patented Medicine Prices Review Board regulations — which remove the U.S. and Switzerland from Canada’s price comparison list — will cause drug ceiling prices to plummet by up to 70 percent and discourage drugmakers from launching new products in the country.

The group claimed that Health Canada didn’t hold productive talks with industry to hash out an alternative solution, despite repeated requests from researchers, life sciences groups, provincial governments and other stakeholders.