June 8, 2016. Kitchener. Ontario Bioscience Innovation Organization (OBIO®) today initiated the first leg of its Provincewide Tour to promote their recently released report “How Canada Should be Engaging in a $9 Trillion Dollar Health Economy”. The report is the output of interviews and surveys of 125 CEOs of Canada’s Health Science companies looking at the future of the global industry and opportunities for Ontario and Canada. The report makes recommendations to ensure Canadians derive the economic and patient benefits from competing effectively on the world stage.
After a successful launch in Toronto, OBIO commenced the provincial advocacy campaign to promote the report and partnered with the largest free startup incubator in the world, Kitchener’s Velocity Garage. The launch included a technology pitch and demonstration showcase of Ontario Health Science Companies. “Medella Health has relied on the opportunities at Velocity and are excited to part of the OBIO CAAP program,” said CEO Harry Gandhi. “Being part of the OBIO community provides us access to expertise in the Health Science sector across the Toronto-Waterloo corridor and their dedication to advancing companies to commercialization will reap rewards for the Ontario Health Science ecosystem.”
“Our report highlights how global jurisdictions have made the Human Health Sciences Industry a priority and the untapped economic potential for Ontario and Canada’s economy,” said Gail Garland, President and CEO of OBIO. “Launching our report here at Velocity, provides an opportunity to bridge the gap between Toronto and the major innovation hub of Kitchener-Waterloo, partnerships like these will serve to make the industry stronger. Our report continues to receive momentum as we travel across the Province bringing awareness not only to the Health Science Sector but highlighting the actionable solutions for the industry that will improve health outcomes and ultimately return on investment for the economy.”
“Velocity is proud to be working with OBIO to strengthen the Toronto-Waterloo Region Corridor,” said Marc Gibson, Science Lead at Velocity. “We look forward to connecting our thriving startup community with a broader network in order to enable access to essential capital investment that Canadian life science companies need, to compete on a global scale.”
Overview of the Report:
The potential to offset growing demand and rising costs through commercial enterprise and exports, represents a compelling reason for a strong healthcare industry. Canada has yet to identify and implement an industrial policy for a commercial, globally competitive, healthcare industry that will bring us into the future.
Currently, Canada is reasonably competitive (but not differentiated) with its well educated workforce, tax policies, clinical trial capabilities and the quality of the federal regulatory agency.
Canada has fallen behind on a number of metrics that are of concern if we are to compete in the global healthcare industry of the future. Key among these are: cost of research and doing business, speed and agility, health data infrastructure, innovative market access processes, an experienced labour force and access to capital for commercial purposes.
The Report’s Key Recommendations Focus On:
- Creating an environment where health science innovations can thrive through market access and procurement policies.
- Access to capital and supportive tax policies for companies to scale up and grow.
- Access to experienced industry talent.