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Re: More context on CMAJ and financial sustainability

May 11, 2023
I Agree

Dear Editor
With respect to the financial sustainability of the CMAJ (and CMAJ Open) some more information and context might be useful for readers. CMA also used to run ‘MD Financial’ for over 50 years – this was an financial management firm trusted by many, if not most, Canadian doctors who put all their savings in its hands for years, and often generations. In 2018, CMA sold MD Financial to Scotiabank for C$2.585 billion dollars. Yet it finds running CMAJ open, and covering healthcare news from CMAJ to not be financially viable. It is not clear how the money is being otherwise utilized (eg with spinoffs like https://joulecma.ca/ and more).

The decision to sell MD financial to a corporate bank was done with zero membership consultation, and it sad that the proceeds of that sale are not being used to support CMAJ and CMAJ Open.

This, of course, follows several infamous corporate decisions including (twice) summarily firing the CMAJ editors in chiefs. This was Dr John Hoey (after which CMA formed an editorial oversight committee to address the outcry https://www.cmaj.ca/content/174/7/901.short) in 2006 and then John Fletcher a decade later – along with the Editorial Oversight Committee (https://www.bmj.com/content/352/bmj.i1302)

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Electronic Publication Date: 
Thursday, May 11, 2023 – 14:15
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Re: More context on CMAJ and financial sustainability

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1967 Riverside Dr
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