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Ontario Investing $40 Million in Life Sciences Sector

June 5, 2024

Ontario Investing $40 Million in Life Sciences Sector

Funding announced at world’s largest Biotech conference will boost homegrown innovation

The Ontario government is investing $40 million from the Venture Ontario Fund, dedicated to helping Ontario life sciences companies and biomanufacturers innovate, grow and compete in global markets. This new funding will help the province’s researchers and companies develop innovative life-saving medicines and technologies of tomorrow.

“Ontario is a life sciences powerhouse with a proud history of cutting-edge innovation and discovery,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Unlocking access to new capital will drive the development and commercialization of home-grown innovations, as well as life-saving health products and services. We look forward to working together to attract new opportunities and investments into our province’s life sciences sector.”

Minister Fedeli announced this investment at the Biotechnology Innovation Organization (BIO) International Convention – the world’s largest life sciences conference, where Ontario led a delegation of 29 life sciences companies and organizations. The mission included meetings with companies like Roche, AbbVie and Astra Zeneca to discuss their current operations in Ontario and opportunities for growth and comes on the heels of Sanofi’s official opening of its $800 million vaccine manufacturing facility, the largest of its kind in Canada.

Ontario will continue to promote strategic industries in key markets to help attract investments that will help rebuild the province’s economy and create good-paying jobs. With a talented workforce, state-of-the-art research and development facilities, award-winning manufacturing and competitive business environment, the province is a prime location for businesses in the life sciences, biotech, and pharmaceutical sectors to invest and grow.

Quick Facts

  • Ontario’s life sciences sector is a key economic driver, employing more than 72,000 people in high-value jobs across 2,000 firms, and exporting over $12 billion in goods to markets around the world. Over the last three-and-a-half years, Ontario has attracted $4 billion in investments by global biomanufacturers and life sciences companies.
  • The government recognizes the value of the industry and introduced Taking Life Sciences to the Next Level, a strategy aimed at establishing Ontario as a global biomanufacturing and life sciences hub. The goal is to grow the number of high-value jobs in the sector to 85,000 by 2030, a 25 per cent increase from 2020.
  • The Life Sciences Council is a key part of Ontario’s Life Sciences Strategy and is supporting the development of Phase II by focusing on long-term growth and emerging areas of opportunity to position Ontario as a leader in the development, commercialization and adoption of innovative health products and services.
  • More than 70,000 STEM students graduate annually from post-secondary programs across the province, producing one of the most highly skilled life sciences workforces in the world.
  • Recognized as the world’s largest conference and trade show dedicated to the life sciences sector, BIO attracts 20,000 biotech and pharmaceutical representatives from over 73 countries. During the conference, business delegates attended one-on-one educational sessions and had the opportunity to attract new customers, explore potential partnerships and secure investments to grow and commercialize their business.

Source

Related Story

Ontario Celebrates Launch of Canada’s Largest Biomanufacturing Facility

The Ontario government joined Sanofi to celebrate the grand opening of their new, $800 million vaccine manufacturing facility at its Toronto campus. The new building, spanning approximately 200,000 square feet, will produce pediatric and adult vaccines for pertussis (whooping cough), diphtheria and tetanus, significantly increasing the country’s production of life-saving vaccines for domestic and global markets.

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