Life Sciences Ontario Applauds Recommendations of Health and Biosciences Economic Strategy Tables

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.

Contacts

Life Sciences Ontario
Melissa Hughes
Director, Marketing &
Communications
melissa@lifesciencesontario.ca