Submission to federal budget consultations
BIOTECanada’s Emerging Companies Advisory Board (ECAB), provided the basis of our industry’s submission to the House of Commons Finance Committee’s online budget consultations. With the release of the innovation agenda expected this fall, the 2017 federal Budget will provide the fiscal support for many of the innovation agenda’s initiatives. As a result, industry’s submission to the Standing Committee focused on measures the government can undertake to ensure that Canada supports and attracts investment capital, particularly in the biotech space. In particular, industry has recommended that the government: refinance the federal Venture Capital Action Plan (with provisions to ensure that the biotech sector has access to meaningful amounts of the fund), establish a life sciences venture fund modeled after Israel’s Yozma Life Sciences Fund, and establish an “innovation box” that would provide a preferential tax rate for companies on revenue derived from intellectual property. Industry also recommended that government extend the SR&ED program to recognize research and development activities undertaken in Canada by non-Canadian headquartered companies and investors. Read the submission here.
Did You Know
- It takes 10-15 years, and approximately 1.5 billion dollars to commercialize a biotechnology product.
- 80% of Canadian biotechnology companies are privately owned.
- The majority of the sector is made up of SMEs: 50% of biotechnology companies have less than 20 employees, and 80 per cent have less than 100 employees.
- The biotechnology sector is typically more sensitive to market movements than other sectors.
- The top 25 publicly-traded biotechs in Canada have outpaced the TSX/S&P index since the global economic downturn begun.
Click here to learn more about RBC Financial Services for Life Sciences & Health Services Companies.
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