The Canadian biotechnology sector welcomed the Federal Budget which continued to recognize the importance of Canada’s biotech sector in delivering solutions for many of the health and environmental challenges facing the world’s population and providing an economic cornerstone for the post-pandemic economic rebuild.
Importantly, the Budget reaffirmed the government’s investments first announced in the 2021 Budget which will greatly enhance Canada’s life sciences ecosystem and domestic biomanufacturing capacity. The government used today’s budget to highlight the ongoing investments of over $2 billion to grow life sciences and bio-manufacturing, clinical trials, bio-medical research, and research infrastructure. These investments also build on investments and partnerships made during the pandemic with the manufacturers of vaccines and therapeutics including Sanofi, Medicago, BioVectra, and Moderna.
BIOTECanada also welcomes new measures contained in the budget to support innovation growth and company creation. The establishment of the Canadian Innovation & Investment Agency and a commitment to review of tax support measures including the SR&ED tax credit and developing a patent box regime will enhance Canada’s competitive position to attract the investment and talent needed to successfully commercialize innovation. The industry looks forward to working with the government as they further develop these initiatives.
BIOTECanada is the national industry association and voice with over 240 members of the biotechnology ecosystem located nationwide, reflecting the diverse nature of Canada’s health, industrial and agricultural biotechnology sectors. With unprecedented global issues including the climate crisis, food sustainability and human health needs, the biotechnology industry can play a pivotal role in solving challenges while delivering significant economic benefits, including investment and employment.
For more information
Nadine.Lunt@biotech.ca
613-793-6338