Ontario Launches $51 Million Biotech Strategy

Canada already has seen its number of biotech firms grow from 227 in 1997 to 400 in 2000, second only to the U.S. in biotech concentration. Last week's announcement of a $51 million (Canadian) biotechnology strategy is intended to further strengthen the Ontario's position in health research and commercialization.

Ontario's Biotechnology Strategy, outlined by Ernie Eves, Ontario's Premier, and Jim Flaherty, Minister of Enterprise, Opportunity and Innovation, includes the following highlights:

• $20 million for the MARS (medical and related sciences) Discovery District, a community of researchers and companies in downtown Toronto working in partnership toward innovation in the medical and related sciences. Approximately 6,000 new jobs will be created through this initiative, and up to $300 million could be leveraged from the private sector.
• $30 million to create the Cluster Innovation Program to maximize biotechnology investment and create up to 30,000 jobs in regions across the province. The program will provide matching funds of up to 50 percent of the cost of developing regional innovation plans, as well as grants to support commercialization centres, research parks and regional innovation networks.
• Establishing Ontario as the location of choice for new health technology, through $750,000 to design the Ontario Health Technology Innovation Service, which will support the development of new products and processes and expand export opportunities.
• $450,000 for the Bioprocessing Institute, which will accelerate the development and manufacture of therapeutic proteins, offering Ontario a huge competitive advantage.
• Attracting substantial new pharmaceutical investment by actively pursuing opportunities to double or triple research and development and other biotechnology investments in Ontario.
• A proposed exemption from the 14.3 cents/litre provincial fuel tax for renewable biodiesel fuels based on the recommendation of the all-party Alternative Fuels Committee.
• Making Ontario one of the most competitive jurisdictions in North America for biotechnology investment through an immediate review of potential tax incentives, including improving access to venture capital.

More information is available at: http://www.premier.gov.on.ca/english/news/Biotech060702.htm