Since its introduction in 2021, Canada’s Biomanufacturing and Life Sciences Strategy has strengthened the sector, deepened innovation, strengthened economic growth, and ensured pandemic preparedness for future generations.
The Government of Canada has invested $2.2 billion in 38 projects to strengthen biomanufacturing, vaccine production capacity and the development of the therapeutics ecosystem. Funding committed through Canada’s Advanced Manufacturing Cluster, the National Research Council and the Strategic Innovation Fund has strengthened the country’s pandemic response capacity and life sciences innovation.
Prioritizing the expansion of domestic manufacturing capacity for a diverse and adaptable vaccine platform to enable rapid scale-up during the pandemic has been well received by the private sector. This has enabled Canada to secure major investments from Sanofi and Moderna, and with a number of Fortune 500 companies operating in the market, including Abbott Laboratories, AbbVie and Baxter International, it will build on its already strong industry capabilities. Enhanced.
international cooperation and partnership
The biomanufacturing and life sciences strategy, supported by significant investment and international collaboration, has cemented the country’s global position as a strong hub for life sciences research.
Canada has been active in transcontinental partnerships to advance the biomanufacturing agenda. At last year’s North American Leaders’ Summit, Canadian Prime Minister Trudeau, US President Biden, and Mexican President Obrador agreed to trilateral health cooperation focused on launching an updated North American Plan against Animal and Pandemic Influenza (NAPAPI). .
The plan will foster scientific collaboration and biomanufacturing innovation in North America to more effectively prevent and contain outbreaks. An efficient health system and workforce will also allow us to respond quickly to future health emergencies.
Such international partnerships demonstrate the country’s commitment to fostering global cooperation and leveraging its strengths in the life sciences sector. “The Life Science Strategy is an important roadmap for advancing health and innovation now and into the future,” said Lauren Fisher, AbbVie’s head of Canadian government affairs. “These strategies will support critical investments in discovery research and projects that will advance standards of care and create new technologies that will help improve the lives of people in Canada and around the world.”
Competitiveness and plans for the future
Through government investments and policies, Canada has the necessary talent, research and development pipeline, robust small business industry, and security across the supply chain to support a dynamically growing biologics manufacturing and innovation ecosystem. Masu.
These important initiatives, coupled with the country’s proactive approach to revitalizing its biomanufacturing industry, position Canada as an ideal destination to attract foreign direct investment in the life sciences. Canada offers a competitive, affordable, and high-quality environment for growing your pharmaceutical, medical device, and digital health business. Global companies supported by world-class hospitals and medical innovation are particularly well-positioned to succeed.
Canada has one of the most highly educated workforces in the world, thanks to a skilled workforce where 67% of Canadians aged 25 to 64 have tertiary education. “Life sciences companies are investing and reinvesting in Canada because of our compelling value proposition, which includes a diverse and educated talent base, STEM ecosystem, innovation and more,” says Invest in Canada. CEO Laurel Broten said.
Canada is a business-friendly country due to competitive tax incentives embodied in the Scientific Research, Experimental and Development (SR&ED) program, the government’s largest research and development program with $3 billion in annual tax incentives. With a clear vision for the future, Canada is already investing in next-generation technology to keep every business on the cutting edge.
Just last week, the federal budget unveiled a $200 million reinvestment into the Venture Capital Catalyst Initiative, which assembled a portfolio of funds of funds and VC funds. The goal is to increase the availability of capital for life sciences companies with high growth potential and entrepreneurs from underrepresented groups. Canada’s biotech industry welcomes this timely announcement so it can work toward building its next growth cycle, according to national industry association BIOTECanada, which will lead the Canadian delegation to the BIO International Convention in June. .
In conclusion, investing in Canada today is an opportunity to be part of tomorrow’s robust ecosystem of successful multinationals and fast-growing startups across Canada, “Sea to Sea.” .
service from Trade Commissioner Services at the Consulate General of Canada in Chicago Free to Canadian exporters and foreign investors. Life Sciences Trade Commissioner Julien Rosan specializes in the health industry and advises Canadian companies on opportunities to expand into the U.S. Midwest market. Tina Kotrich, Trade Commissioner for Foreign Direct Investment (FDI), helps businesses based in the Midwest navigate all aspects of establishing and expanding operations in Canada.
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