Following Historical Budget Allocation, Canada Enjoying Thriving Life Science Industry at BIO 2018
BOSTON--(BUSINESS WIRE)--Jun 6, 2018--The size and prominence of the Canadian delegation arriving at BIO 2018 - among the largest international delegation - demonstrates the tremendous success that the government’s record-setting investment has had. The multi-billion dollar investment in 2018 coupled with the federal government’s initiatives to create a welcoming regulatory environment have led to Canada’s rapid rise as one of the world’s most popular locations for life science companies.
The Canadian 2018 budget brought nearly $4 billion in new initiatives to support the work of Canadian researchers. According to Universities Canada, this budget marks the largest investment in science and university research in Canadian history. This includes:$1.7 billion over five years to Canada’s granting councils and research institutes $1.3 billion over five years for investments in the laboratories, equipment, and infrastructure $540 million over five years to transform the National Research Council into a center for research excellence and collaboration.
In addition, the government also announced a series of measures to support a new strategy to help Canadian entrepreneurs understand, protect, and gain access to intellectual property.
Beyond potential funding opportunities, all companies based in Canada that invest in research and development can apply for the federal Scientific Research and Experimental Development (SR&ED) Tax Incentive Program, irrespective of their size, industry sector, or field of technology.
Industry players currently leading the Canadian life science industry include small and medium-sized companies developing diagnostics, biopharmaceuticals, pharmaceuticals and medical devices, as well as global companies with research, development and manufacturing operations in Canada, serving both domestic and international markets. Canada is also home to some of the largest artificial research centers in the world, including the largest concentrations in the world in Montreal and Toronto.
A large network of universities and skilled workforce have led to the Economist Intelligence Unit to rank Canada 1 st in the G20 for doing business over the five-year period from 2016-2020. As Canada quietly lands on the radar of an increasing number of leaders across the life science industries, it is poised to become the world’s next “hub” of life-changing innovation.
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CONTACT: Rasky Partners, Inc.
Brendan Monahan, 413-537-4063
KEYWORD: UNITED STATES NORTH AMERICA CANADA MASSACHUSETTS
INDUSTRY KEYWORD: HEALTH PUBLIC POLICY/GOVERNMENT OTHER GOVERNMENT OTHER HEALTH
SOURCE: Rasky Partners, Inc.
Copyright Business Wire 2018.
PUB: 06/06/2018 05:38 PM/DISC: 06/06/2018 05:47 PM