From Opportunities To ROI – Adopting Innovation In Canada
Development and Innovation The Ontario Bioscience Innovation Organization (OBIO®) has released its report “How Canada Should be Engaging in a $9 Trillion Dollar Health Economy.”
The report is the output of extensive consultations with 125 CEOs of Canada’s health science companies looking at the future of the global industry and opportunities for Ontario and Canada.
“Global jurisdictions are unlocking the economic potential of strong health technology industries and now is the time for Canada’s economy to benefit from the return on investment.”
The report makes recommendations to ensure Canadians derive the economic and patient benefits from competing successfully on the world stage. “In late 2015 and early 2016, Canada’s health science industry CEOs, shared their optimism, concerns and ideas with OBIO to ensure Canada can compete for a piece of the $9 trillion global health science economy,” said Gail Garland, president and CEO of OBIO. “Now we are pleased to share these ideas and our recommendations. Winning global jurisdictions have made the human health industry a priority and have appropriate policies and resources in place to ensure competitive success. A sustainable, successful Canadian Health Science industry represents significant economic potential for Canada’s economy and return on investment in research. It is the path to ensure innovations help patients and can be used to reduce healthcare costs.”
Overview of the Report:
• Health is one area of the bioeconomy that will play a key role in addressing global economic and social challenges. The potential to generate revenues and exports from commercialized research while addressing the increasing challenge of managing rising healthcare costs represents a compelling reason for a strong healthcare industry.
• Canada has fallen behind on a number of metrics necessary to compete in the global healthcare industry such as: the 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.
• While Canada is reasonably competitive with its well educated workforce, tax policies, clinical trial capabilities and the quality of the federal regulatory agency, we need an industrial policy for a commercial, globally competitive health care industry.
The Report’s Key Recommendations Focus On:
1. Creating an environment where health science innovations can thrive through market access and procurement policies.
2. Access to global capital and supportive tax policies for companies to scale up and grow.
3. Access to experienced industry talent.
The Federal Government announced six actions areas of focus to build an inclusive and innovative Canada and will be launching an online consultation in conjunction with nationwide roundtables. The timing of the announcement works well as OBIO’s report continues to receive momentum while travelling across the Province bringing awareness to the Health Science Sector. “Global jurisdictions are unlocking the economic potential of strong health technology industries and now is the time for Canada’s economy to benefit from the return on investment.” said Gail Garland, CEO of OBIO. “It is encouraging to see our Federal Government willing to listen to all innovation sectors in order to develop a national strategy. The dedication to modernize immigration policies to enable talent to come to Canada in a reasonable amount of time and the commitment to move away from start-ups to scale up, in particular reforming procurement policies, will encourage companies to stay and grow here.”