Canada's pharmaceutical patent regime is set to change as a result of the Comprehensive Economic and Trade Agreement (CETA). This accord represents Canada's largest trade initiative since the North American Free Trade Agreement of the 1990s. Our briefing assesses the evidence to determine the likely effects of CETA on Canada's innovation ecosystem, drug prices, manufacturing, and exports. Given the changes that the Canadian government is, and is not willing, to make, it is likely that CETA will improve Canada's health innovation ecosystem, which could lead to social and economic value for Canadians. The Canadian government has performed a fine balancing act, ensuring that the country's intellectual property regime will remain distinctly Canadian, with a basic structure that aligns with global standards yet respects the domestic context.