TORONTO--(BUSINESS WIRE)--Life Sciences Ontario (LSO) applauds the Federal Government’s recommendations in its Health and Biosciences Economic Strategy Tables, released earlier this week.
“LSO welcomes these important recommendations from the Federal Government’s Economic Strategy Tables,” says Jason Field, President and CEO of Life Sciences Ontario. “Life sciences and the bioeconomy as a whole truly represent our greatest economic opportunity. The measures outlined within are important steps that are urgently needed to accelerate our bioeconomy into a major economic powerhouse.”
The Health and Biosciences report recommends the following measures to accelerate and grow the sector, with the goal of doubling health and biosciences exports to $26B and becoming a top-three global hub by 2025.
- Accelerate innovation adoption by employing value-based procurement across Canada’s health systems and establishing a procurement innovation agency.
- Design agile regulations by adopting international best practices, eliminating duplication across jurisdictions, and decreasing review times.
- Harness digital technology by creating a national digital health strategy featuring an interoperable digital health platform.
- Develop and attract talent by equipping Canadians for highly skilled jobs, eliminating hiring barriers, and streamlining government skills programs.
- Create anchor firms by mobilizing late stage capital, scaling up high-potential firms, and broadening research and development tax incentives.
Canada’s life sciences potential is massive: According to LSO’s 2015 Sector Report, Ontario’s life sciences sector alone generates annual revenues of $40.5 billion, contributing $21.6 billion to the province’s GDP, and ranking among North America’s top clusters.
In the first two months of 2018, investors poured $2.8 billion into US biotech ventures. The combined market capitalization of two US biotechs – Amgen and Gilead – rivals that of the entire Canadian mining sector listed on the TSX/TSXV combined, which includes more than 1,200 companies.
“It is clear that our sector has the potential to revolutionize economies,” says Field. “Having clear goals and a roadmap for success, along with alignment between federal and provincial policy – is key.”
To read the full Health and Bioscience report, click here.
About Life Sciences Ontario
Life Sciences Ontario (LSO) is a member-funded, not-for-profit organization with a legacy of more than 25 years advancing the success of Ontario’s life sciences sector. LSO collaborates with governments, academia, industry, and other life science organizations in Ontario and across Canada to promote and encourage commercial success throughout the sector. The organization provides a wide range of networking and educational events, and operates a mentorship program that is helping to develop highly-skilled talent and build new business opportunities for the life sciences sector. LSO is an effective conduit for delivering policy options to governments, and is dedicated to promoting Ontario’s life sciences sector internationally.