Ontario Announces $40 Million Investment as it Aims to Become a Global Life Sciences Hub

Ontario, Canada’s largest province by population, is stepping up its commitment to the life sciences sector with an investment of $40 million.

The investment was announced by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, at the Biotechnology Innovation Organization (BIO) International Convention, the world’s largest life sciences conference, in San Diego last week.

The $40 million will come from the Venture Ontario Fund, which is dedicated to helping Ontario life sciences companies and biomanufacturers innovate, grow and compete in global markets.

The investment is poised to bolster Ontario’s position as a leader in life sciences innovation, driving economic growth and improving healthcare outcomes.

The province takes pride in being home to the discovery of insulin and stem cells, and the largest life sciences jurisdiction in Canada. Ontario has a robust network of hospitals, research centers, universities, technology incubators, start-ups and multinationals dedicated to making groundbreaking discoveries, conducting clinical trials for the world’s top ten pharma companies and creating manufacturing capacities to scale.

The new funding will help the province’s researchers and companies develop innovative life-saving medicines and technologies of tomorrow.

Ontario’s life sciences sector employs more than 72,000 people across 2,000 firms, making it a key economic driver. It also delivers $12 billion in exports to global markets.

“Ontario is a life sciences powerhouse with a proud history of cutting-edge innovation and discovery,” said Minister Fedeli in a press release. “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.”

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According to the Government of Ontario, the province “has attracted $4 billion in investments by global biomanufacturers and life sciences companies.”

The $40 million investment is part of Ontario’s broader strategy to enhance its life sciences sector, which encompasses biotechnology, pharmaceuticals, medical devices and healthcare services.

The investment will be channeled through various initiatives aimed at supporting startups, facilitating R&D and expanding the commercialization of new technologies. This aligns with Ontario’s vision to transform into a global hub for life sciences, capable of driving cutting-edge discoveries and translating them into real-world applications.

According to the Government of Ontario, more than 70,000 science, technology, engineering and mathematics (STEM) students graduate annually from post-secondary programs across the province, “producing one of the most highly skilled life sciences workforces in the world.”

Ontario’s research hospitals have also invested $1.82 billion in life sciences R&D.

The Ontario government hopes to establish the province as a global biomanufacturing and life sciences hub and as part of this goal, it launched the Taking Life Sciences to the Next Level strategy. Through the initiative, the province will aim to grow the number of “high-value jobs” by 25 percent from 2020 to 2030, totaling 85,000.

Specific goals of Taking Life Sciences to the Next Level include growing Ontario’s manufacturing footprint, building domestic supply chain resiliency in personal protective equipment (PPE) and critical medical supplies, boosting commercialization capacity of Ontario companies and startups and adopting Ontario innovations to improve healthcare in the province.

Additionally, the Life Sciences Council was launched in 2023 to support the second phase of the Taking Life Sciences to the Next Level strategy. It focuses 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.

Ontario’s life sciences sector is a fertile ground for startups and small enterprises. The $40 million investment will provide companies with the resources they need to scale their operations, bring new products to market and compete on a global stage. This support includes access to funding, mentorship programs and networking opportunities that can help companies navigate the complex landscape of the life sciences industry.

Another key aspect of the investment is the promotion of public-private partnerships. By fostering collaboration between government, academia and industry, Ontario aims to continue building a dynamic ecosystem that supports innovation and economic growth.

These partnerships will help bridge the gap between research and commercialization, ensuring that new discoveries can quickly move from the lab to the marketplace.

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