Ontario Bioscience Innovation Organization Releases Report on Benefits of Adopting Innovative Technology in Healthcare

PRESS RELEASE Realizing the Promise of Healthcare Innovation in Ontario – Increasing Value for the Patient, Health System and Economy

Toronto, Ontario, December 11, 2013 – Ontario’s healthcare system faces the dual challenge of a fiscally unsustainable rise in healthcare costs, currently in excess of $48 billion, and the rise of chronic disease and related co-morbidities. Ontario Bioscience Innovation Organization’s report, “Realizing the Promise of Healthcare Innovation in Ontario”, recommends policy avenues that put innovative technologies to work to address these and other system-wide issues.

The report captures missed opportunities and illustrates the need for a process that addresses adoption of new technologies in order to catalyze commercialization for the therapeutics, medical devices, diagnostics and health information technology sectors while strengthening the province’s capacity to deliver cost-effective care for patients as intelligently and innovatively as practicable. The outcome will be positive change to the economic picture and to the health and prosperity of Ontarians. A full copy of the report is available at www.obio.ca.

“Ontario faces economic and healthcare challenges common to many jurisdictions around the world,” said Robert Hardt, President and CEO, Siemens Canada Limited. “The OBIO report challenges old ways of thinking about innovation adoption and illustrates both the need for and the benefits of joining forward-thinking policymakers in implementing changes that will reduce overall costs improve patient outcomes and stimulate job creation across the public and private healthcare sectors.”

Gail Garland, President and Chief Executive Officer, Ontario Bioscience Innovation Organization said, “OBIO has led a team of amazing and dedicated industry stakeholders, health economists from CLEAR and researchers from Massey College’s Innovation Cell. We are pleased to release a report providing thought leadership on developing a transparent commercial pathway that will allow health technology and bioscience companies to address Ontario’s healthcare challenges. The health and economic benefits from adopting healthcare innovations will accrue to all Ontarians.”

The OBIO Innovation Adoption Steering Committee includes the following leading healthcare companies: Amgen Canada Inc., Eli Lilly Canada Inc., McKesson Canada Inc., Pfizer Canada Inc., and Siemens Canada Ltd. Other leading supporters include Astra Zeneca Canada, Baxter Canada, CML HealthCare, InterMune Canada, Janssen Canada, Medtronic Canada, Merck Canada, Novadaq and Valeant Canada.

Click here to view the full press release.