The present study was designed for obtaining Canadian pricing and reimbursement stakeholders’ opinion on a list of proposed recommendations for updating the 2007 Patented Medicine Prices Review Board (PMPRB) Budget Impact Analysis guidelines. Methods: Stakeholders from different perspectives including policymakers (public and private payers) and industry experts/consultants were invited to participate in the study (private payer and industry perspectives were not included in the PMPRB 2007 BIA guidelines). Using a mixed methods approach, an interview guide and a written survey were developed based on discordance between the PMPRB 2007 BIA guidelines recommendations and Canadian provincial, and other national or transnational BIA guidelines. A thematic content analysis was applied for the qualitative data analysis. Results: We conducted nine interviews with policymakers and twenty-seven surveys with industry experts/consultants. Most interviewees were positive about the usefulness of BIA in disinvestment decisions and believed that reviewing cost-effectiveness analysis (CEA) and BIA together, at the same time, could be particularly informative for setting value-based prices. Fifty-six percent of the proposed recommendations were approved (e.g., the use of post-market real-world data for assessing the reliability of BIAs first-year forecasts), whereas, 30% were not supported by stakeholders (e.g., indirect costs). Some recommendations will need further input from public and private payers before being included in a revised version of the PMPRB BIA guidelines (e.g., inclusion of cost offsets). Conclusions: In the present study, Canadian payers and manufacturers’ views on the BIA recommendations, obtained through qualitative and quantitative methods, provide additional insight to help define BIA guidelines from a Canadian perspective. This information may also be of value for updating or creating BIA guidelines worldwide.