The new Ontario government has made some significant changes lately that will shape the future of the life sciences industry. With Molly Shoichet, the first and now former Chief Scientist of Ontario and Alan O’Dette, now the former Chief Investment Officer from the Ontario Investment Office being let go, it shines a light on the importance of having the industry’s voice heard.
Life sciences is an industry that is filled with innovation and offers significant economic promise for governments who desire to grow a knowledge-based economy. Canada is a world-class leader in this regard with a vast amount of companies ranging all over the sector that are on the forefront of monumental change.
Investing in Research
The recent budget continues to invest in research so Canada can be globally competitive and be better aligned with supporting a 21st-century economy.
According to Finance Minister Bill Morneau, this budget represents the “largest investment in fundamental and discovery research in Canadian history”. Overall, Budget 2018 has proposed a substantial investment of nearly $4 billion in Canada’s research system. The government referenced the work of Canada’s Fundamental Science Review that led to these investments.
The Budget 2018 also highlighted supporting entrepreneurship and high potential businesses and added $540 million over the span of five years for the National Research Council with $108 million annually to strengthen its role with industry.
Make your Voice Heard
However, that being said, Doug Ford, the new Premier of Ontario proposes that there will be more budget slashing – to as much as $25 billion in the next three years – that could pose issues for this engaging and essential sector.
Biotechnology Focus has created a survey in support of Global Biotech Week (Sept. 24-30th) to showcase to the government the excellence that this sector strives for and how much potential it has in building a stronger ecosystem for Canada and its inhabitants. The results will be highlighted in a special report that will be released in our Innovation Issue coming out in August.
Add your voice to the Innovation report by taking this quick survey. The report will highlight trends, identify areas of strengths that can be leveraged as well as opportunities for improvement to support growth for the Canadian life sciences industry.