The federal budget’s decision to increase the capital gains tax could significantly hinder the momentum of Canada’s biotech sector just as it begins to reap the rewards of a generational surge in innovation and growth.
The pandemic’s economic, social, and health impacts effectively focused the attention of policymakers on the strategic importance of building a competitive domestic life science and biomanufacturing industry. Nearly four years after the onset of the pandemic, the Canadian government has been prudently preparing for another similar global health emergency through a Life Sciences and Biomanufacturing Strategy and a corresponding government investment strategy into the space. With its vibrant ecosystem including world-class scientific research, hundreds of early-stage biotech companies, and a strong global pharma presence, Canada is building its capacity from a position of strength.
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