TORONTO--(BUSINESS WIRE)--Ontario is investing in a new Canadian Centre for Aging and Brain Health Innovation at Baycrest Health Sciences. This investment will support projects that enable healthier brain aging, allow seniors to live at home longer and reduce health care costs by providing better care solutions.
Ontario Premier Kathleen Wynne made the announcement today during a visit to Baycrest with Minister of Research and Innovation, Reza Moridi. As proposed in the 2015 Budget, the government will contribute $23.5 million over five years to establish the new centre, which will combine all of Baycrest’s brain research, clinical and educational programs into one national hub.
The new centre will support the development of new technologies, products and resources to help people maintain their cognitive, emotional and physical well-being and independence as they age. It will also aid in the commercialization and adoption of innovations developed in Ontario.
“Brain disorders take an enormous toll on a personal level, as well as on the economy. Our investment in this centre will allow new advances in brain research and care, cementing Ontario’s position as an innovation leader and ensuring that people can continue to lead healthy lives as they age.”
— Kathleen Wynne, Premier of Ontario
“Our government is proud to support Baycrest Health Sciences and the new Canadian Centre for Aging and Brain Health Innovation. We are committed to harnessing our research and commercialization strengths to attract investment and boost our economy, while helping seniors maintain their quality of life in the comfort of their own homes.”
— Reza Moridi, Minister of Research and Innovation
- The Aging and Brain Health Innovation Centre is one of the largest investments in senior care in the world. It is scheduled to launch this fall.
- The global market for brain health applications, software and biometrics is expected to grow from $1 billion to $10 billion by 2020.
- In Ontario, the economic impact of brain and mental health disorders is estimated to cost more than $39 billion annually.
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Ontario, Canada’s business environment is designed for global success. Ontario is an efficient North American hub for international investment and trade. It offers direct access to the US$17+ trillion North American market; a multicultural workforce; streamlined regulations; a low-risk investment climate, competitive business costs, a great quality of life and more. World leading companies have invested billions to start or expand their operations in Ontario, from many sectors including automotive, aerospace, life sciences and biotech, ICT, water and wastewater technologies, financial services, mining and more. These companies are leveraging Ontario’s competitive advantages by developing breakthrough technologies, products and services for global markets. Major players with an Ontario presence include Honda, Magna, Sodexo, Alcatel-Lucent, AXA, DuPont, MDS, sanofi pasteur, GlaxoSmithKline, Teva, IBM, and Dell. Ontario has a population of over 13 million (the largest in Canada), generates 37 per cent of Canada’s GDP, and boasts an export-oriented GDP that is larger than that of Belgium, Switzerland or any of the Scandinavian countries.