Since its launch in 2021, Canada’s biomanufacturing and life sciences strategy has strengthened the sector, deepened innovation, increased 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 therapeutics ecosystem development. Funding provided by the Canadian Advanced Manufacturing Cluster, the National Research Council and the Strategic Innovation Fund strengthened domestic pandemic response capabilities and life sciences innovation.
Prioritizing the expansion of domestic manufacturing capacity for diverse, adaptable vaccine platforms and enabling rapid scale-up during pandemics has been well received by the private sector. This has resulted in Canada receiving major investments from Sanofi and Moderna, which have expanded the already impressive industry capabilities with a host of Fortune 500 companies such as Abbott Laboratories, AbbVie and Baxter International active in the market.
International collaboration and partnerships
The biomanufacturing and life sciences strategy, supported by extensive investments and international collaborations, cemented the country’s global position as a resilient center of life sciences research.
Canada is actively engaging in a transcontinental partnership to advance its bioproduction agenda. Last year, at the Summit of North American Leaders, Canadian Prime Minister Trudeau, US President Biden and Mexican President Obrador agreed to a trilateral health cooperation focused on the launch of an updated North American Animal and Pandemic Influenza Plan (NAPAPI ) lies.
By promoting scientific collaboration and innovation in bioproduction in North America, the plan will better prevent and stop outbreaks. It will also enable rapid response to future health emergencies thanks to efficient healthcare systems and workforces.
Such an international partnership demonstrates the country’s commitment to promoting global collaboration and leveraging its strengths in the life sciences sector. “A life sciences strategy is an essential roadmap to advance health and innovation now and in the future,” said Lauren Fischer, director of government affairs at AbbVie Canada. “These strategies support important investments in discovery research and projects that produce new technologies that help improve standards of care and improve the lives of people in Canada and around the world.”
Competitiveness and future planning
Government investments and policies ensure Canada has the necessary talent, research and development pipelines, a robust SME industry and security across the supply chain to support a dynamic and growing biologics manufacturing and innovation ecosystem.
These key 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, high-quality environment to grow a business in pharmaceuticals, medical devices or digital health. Backed by world-class hospitals and healthcare innovations, global companies are particularly well positioned for success.
Canada has one of the best-educated workforces in the world, thanks to a skilled labor pool with 67% of Canadians aged 25 to 64 having a college degree. “Life sciences companies are investing and reinvesting in Canada because of our compelling value proposition, including our educated and diverse talent base, our STEM ecosystem, our innovation and much more,” said Laurel Broten, CEO of Invest in Canada.
Canada is pro-business and has competitive tax incentives, reflected in its Scientific Research and Experimental Development (SR&ED) program, the government’s largest research and development program with tax incentives amounting to $3 billion per year. With a clear vision for the future, Canada has already invested in next-generation technologies that will keep every business at the forefront.
Just last week, the federal budget announced a reinvestment of $200 million in the Venture Capital Catalyst Initiative, which assembled a portfolio of funds of funds and VC funds. The aim is to increase the availability of capital for high-growth life science companies as well as for entrepreneurs from underrepresented groups. The Canadian biotechnology sector welcomed this timely announcement and can look forward to building the next cycle of growth, according to BIOTECanada, the national industry association that will lead the Canadian delegation to the BIO International Convention in June.
In summary, investing in Canada today is an opportunity to be part of tomorrow’s robust ecosystem made up of multinational corporations and emerging start-ups that are already succeeding across the country: “From Sea to Sea”.
Services from the Trade Commissioner Service at the Canadian Consulate General in Chicago are offered free of charge to Canadian exporters and international investors. Life Sciences Trade Commissioner Julien Rosan specializes in the healthcare industry and advises Canadian companies on business development opportunities in the US Midwest market. Foreign Direct Investment (FDI) Trade Commissioner Tina Kotrych helps Midwest-based companies navigate all aspects of establishing and growing operations in Canada.
Also read: Canada and the Midwest in Life Sciences, 75 years in the making