New Life-Sciences Strategy in Ontario



By: ORIT ALON  
Published: June 9th 2010
in Economics » Local

Canadian hospital

A new economic strategy team comprised of representatives from major stakeholder groups in Ontario's life-sciences sector will develop and direct a plan for growth in the province's bioscience industry. The team, Ontario Bioscience Economic Strategy Team (OBEST(TM)) is being established by Ontario Bioscience Industry Organization (OBIO(TM)), the council of chief executive officers of Ontario-based bioscience companies.

 

Those who are members of Ontario's life-sciences sector include biotechnology companies, universities and colleges, research institutions, healthcare officials, pharmaceutical companies, and the financial community.

 

The need for an overall strategic vision, encompassing all stakeholders, is vital to promote growth and commercial viability of the province's bioscience industry, which emerged in 2009 from OBIO's regional and online consultations.

 

The Ontario Ministry of Research and Innovation's recently-announced commercialization strategy provides one-time special financing of $7 million, exclusively for Ontario-based bioscience companies to advance programs for treating, diagnosing and preventing disease.

 

OBIO's Access to Capital Committee has recommended that this money be promptly sent to those companies.

 

Ontario currently spends more than $5 billion a year on drug therapies and devices, most of which are imported.

 

Gail Garland, president and chief executive officer of OBIO(TM), said that the new team will build on the Ontario government's initiatives to facilitate and accelerate the creation of a sustainable and productive bioscience economy.



Related articles: (Life sciences, health sector, bioscience economic strategy)
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