OTTAWA, Ontario--(BUSINESS WIRE)--Ontario Bioscience Innovation Organization (OBIO®) today initiated the Eastern leg of its Provincewide Tour in Ottawa to promote their recently released 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 effectively on the world stage.
After a successful launch in Toronto and Kitchener-Waterloo, OBIO embarked on the eastern region advocacy campaign to promote the report. OBIO CEO, Gail Garland, was joined by Paul Lem, CEO of Spartan Bioscience Inc and the 2010 Premier’s Catalyst Award Winner for Best Young Innovator, at Spartan Bioscience. The launch showcased a live demonstration of the Spartan Cube and a tour of Spartan's new facilities, and was well attended by stakeholders in support of the Health Science Industry.
“Launching our report here in Ottawa, provides an opportunity to highlight the importance of the Health Sciences Industry in Canada. Global jurisdictions are unlocking the economic potential of strong health technology industries and now is the time for Canada’s economy to benefit from the return on investment,” said Gail Garland, CEO of OBIO. "It is fitting to be here in Ottawa at Spartan Bioscience, one of the key case studies contained within OBIO’s report and an example of homegrown R&D successfully commercialized around the world but with no path to market in Canada. This is OBIO’s eastern leg of our provincewide report tour and we continue to bring awareness to the potential of the Health Science Sector and to advocate on actionable solutions for the industry that will provide return on investment for the country while simultaneously improving health outcomes.”
"Here at Spartan, we have always been impressed with the challenges that OBIO takes on to advance the Health Science Industry here in Ontario,” said Paul Lem, CEO of Spartan Bioscience. “We were happy to participate in OBIO’s report consultation and proud to be a showcased case study contained within their report. Partnering with OBIO today, in conjunction with the release of our revolutionary product, the Spartan Cube, brings the bioscience ecosystem together and is an example to industry and government leaders of how health technology can benefit the healthcare system, Canadians, and the economy.”
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.