Strategy will focus on 5 key areas to strengthen country’s domestic capabilities
Healthcare and life sciences continue to be a focus when it comes to government initiatives and funding. Fundingportal’s AI-driven data indicates that last week alone, 7 healthcare and life sciences projects were awarded over $75 million in funding. Project purposes ranged from R&D to capital expenses and expansion, and included aboriginal and children’s healthcare, as well as funding for brain injuries and COVID-19 vaccination efforts.
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The federal government also announced a $2.2 billion biomanufacturing and life sciences strategy aimed at growing the sector and making it more competitive. Canada is currently the world’s 8th largest medical device market, 10th largest market for pharmaceutical sales, and ranks 4th for scientific publications. The new biomanufacturing and life sciences strategy’s goal is to not only strengthen the sector overall, but to help ensure that Canada will be prepared in the event of a future pandemic.
The government has already invested $1.2 billion in biomanufacturing and COVID-19 vaccines this year. Over the next 7 years, the federal government will be investing another $2.2 billion toward projects that will help position Canada as a leader in biomanufacturing, as well as support R&D, create jobs and prepare the country to be self-sufficient when it comes to any future large-scale medical urgencies.
The strategy includes 5 main areas of focus:
- Ensuring that experts are driving informed decisions across all levels of government.
- Building a strong ecosystem of researchers and scientists.
- Supporting domestic solutions and businesses, resulting in job creation as well as a more streamlined supply chain.
- Expanding on Canada’s newly developed production capacity to improve domestic reliance.
- Creating an attractive innovation hub where life science firms $59.2 million over three years to support the development of vaccine candidates can grow and thrive.
The $2.2 billion in funding is earmarked to be awarded to the following initiatives:
- $500 million over four years to support bio-science capital and infrastructure research needs.
- $250 million over four years toward a new tri-council biomedical research fund.
- $92 million over four years to support company creation, scale-up, and training activities in the life sciences sector.
- and facility expansion.
- $45 million over three years to support stem cell and regenerative medicine research.
- $1 billion over seven years through the Strategic Innovation Fund.
- $250 million over three years to increase clinical research capacity.
- $50 million over five years to create a life sciences stream in the Venture Capital Catalyst Initiative.