Over $1.3 billion in funding for healthcare & life sciences in first half of the year
The 900 Canada based healthcare and life sciences organizations boast an annual growth rate of 4 per cent. The Report of Canada’s Economic Strategy Tables: Health and Biosciences proposed a series of changes to regulation, procurement, digitization, skills acquisition, and funding that could lead to the doubling of the sector’s growth rate by 2025.
The advent of COVID-19 spurred a renewed focus on improving Canada’s healthcare and life sciences development. This led to new project funding for innovation and R&D, capital expenses and expansion along with new funding being earmarked in this year’s budget releases.
“Canada needs to unlock the full potential of its innovations and accelerate the pace of commercialization to ensure a sustainable, globally competitive health ecosystem with a robust innovation economy and improved health outcomes”.Karimah Es Sabar, Chair, Health and Biosciences, Economic Strategy Table
More than 180 healthcare and life sciences projects funded in first half of 2021
Fundingportal’s AI-driven awards tracking system has identified 180 healthcare and life sciences projects that have received a combined $1.3 billion in funding since Jan. of 2021. Ontario received the bulk of the funding with 44 per cent, while British Columbia (17 per cent), Manitoba (14 per cent) and Quebec (11 per cent) rounded out the top 4.
$541 million awarded to 27 innovation and R&D projects
When analyzing fund allocation by purpose, Fundingportal’s data shows over $541 million awarded to 27 innovation and R&D projects since January. 81 operations and programming projects received more than $252 million, and 52 infrastructure projects received a total of $148 million. Over $37 million was divided among 10 expansion projects, and close to $7 million was awarded to 5 capital expense projects. 6 job creation projects received a total of $3.5 million in the last six months.
Government funding for the healthcare and life sciences sector in 2021
Recently tabled 2021 federal and provincial budgets have provisioned funds toward supporting the industry’s growth domestically and to remain globally competitive. Budgetary commitments include:
- $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.
- $59.2 million over three years to support the development of vaccine candidates 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.
Programs we’re watching
Fundingportal mines millions of data points to keep companies and organizations up-to-date on all public programs and awards. In addition to the many programs available for non-profit organizations and hospitals, there are currently over 170 programs open to large (over 500 employees) healthcare and life science firms, and more than 260 programs open to SMEs in the sector. Key programs we are watching include:
Atlantic Innovation Fund (AIF): A part of the Government of Canada’s commitment to increasing business productivity, growth and competitiveness, the AIF is helping Atlantic Canada compete at home and abroad by supporting the development of innovative products and services that lead to commercial success.
Disruptive Technology Solutions for Cell and Gene Therapy Challenge program: will unify the value chain for engineered cell and gene therapies across the continuum from discovery to commercialization.
Genomic Applications Partnership Program (GAPP): funds downstream research and development (R&D) projects that address real world opportunities and challenges identified by industry, government, not-for-profits and other “receptors” of genomics knowledge and technologies.
As the government continues to fund initiatives benefitting both recovery and growth, staying informed of new programs, requirements and deadlines will remain critical to those seeking funding for their healthcare and lie sciences projects.
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