The Ontario Bioscience Innovation Organization (OBIO®) released its latest report, ‘Use It or Lose It: Industry Solutions to Ontario’s Commercialization Gap’, with recommendations from health science company executives on how to create the conditions for the growth of Ontario’s health science industry.
This report is the result of a survey of 135 Ontario health science industry executives, looking at the growth of Ontario’s health science sector and the opportunities for future development. The report makes five recommendations to ensure Canadians derive the benefits that accrue from a successful health science economy: regional prosperity, knowledge economy jobs, increased patient satisfaction, and improved health outcomes.
“Last fall, Ontario’s health science industry CEOs shared their ideas and their concerns with OBIO to give us an understanding of what is needed for Ontario’s health science industry to flourish,” said Gail Garland, President and CEO, OBIO. “We are pleased to share this report’s recommendations. In addition to recommendations that allow companies to extend their runway and generate cash flow, this year industry emphasized the importance of go-to-market issues like access to local hospitals and health service providers, and the development of infrastructure to facilitate access to the local market for the purpose of clinical trials or pilot projects to generate evidence and refine technology.”
Overview of the Report:
- Ontario’s health science industry is starting to grow and mature with over half of companies in the preclinical or clinical stage of development, and one in five with their most advanced project generating sales or expanding their markets.
- But companies continue to face barriers to scaling up in Ontario which fall across four main themes: financial, infrastructure, ecosystem and talent.
- Industry had five recommendations which include improved access to capital, globally competitive tax policies, consolidated funding programs, and most importantly stronger local infrastructure and access to local markets, including a system of early adopter health care providers with expertise in piloting, adopting and championing new technologies.
“To build health science anchor companies in Ontario, access to markets is becoming an increasingly important factor for Ontario companies,” said Dr. Jeremy Bridge-Cook, Chair of Board of Directors, OBIO. “For Ontario health science companies to stay here and grow here, this report’s recommendations indicate the need to create the conditions for the development of anchor companies.”
Click here to read the full report.