TORONTO--(BUSINESS WIRE)--Ontario Bioscience Innovation Organization (OBIO®) today released its report “How Canada Should be Engaging in a $9 Trillion Dollar Health Economy”. The report is the output of interviews and surveys of 125 CEOs of Canada’s health science companies looking at the future of the global industry and opportunities for Ontario and Canada. The report makes recommendations to ensure Canadians derive the economic and patient benefits from competing successfully on the world stage. Hosted by Synaptive Medical, the launch was attended by over 50 health science industry leaders.
“In late 2015 and early 2016, Canada’s health science industry CEOs, shared their optimism, concerns and ideas with OBIO to ensure Canada can compete for a piece of the $9 trillion global health science economy,” said Gail Garland, President and CEO of OBIO. “Today we are pleased to share these ideas and our recommendations. Winning global jurisdictions have made the human health industry a priority and have appropriate policies and resources in place to ensure competitive success. A sustainable, successful Canadian Health Science industry represents significant economic potential for Canada’s economy and return on investment in research. It is the path to ensure innovations help patients and can be used to reduce healthcare costs.”
Overview of the Report:
- The potential to offset growing demand and rising costs through commercial enterprise and exports, represents a compelling reason for a strong healthcare industry.
- Canada has yet to identify and implement an industrial policy for a commercial, globally competitive, healthcare industry that will bring us into the future.
- Currently, Canada is reasonably competitive (but not differentiated) with its well educated workforce, tax policies, clinical trial capabilities and the quality of the federal regulatory agency.
- Canada has fallen behind on a number of metrics that are of concern if we are to compete in the global healthcare industry of the future. Key among these are: cost of research and doing business, speed and agility, health data infrastructure, innovative market access processes, an experienced labour force and access to capital for commercial purposes.
The report’s key recommendations focus on:
- Creating an environment where health science innovations can thrive through market access and procurement policies.
- Access to capital and supportive tax policies for companies to scale up and grow.
- Access to experienced industry talent.
The Ontario Bioscience Innovation Organization (OBIO®) is a not-for-profit, membership-based organization engaged in the development of an integrated health innovation economy for Ontario and one that will become a global leader in providing health technology products and services to the international marketplace. OBIO advances this goal through advocacy, promotion and strategic leadership and via collaborative partnerships with industry, academia, patients and government.