ONTARIO NEWS RELEASE: Ontario Launches Next Phase of Life Sciences Strategy
NEWS RELEASE
Ontario Launches Next Phase of Life Sciences StrategyProvince investing an additional $146 million to establish Ontario as a global biomanufacturing and life sciences hub October 15, 2024 |
TORONTO — Today, the Ontario government unveiled the next phase of its life sciences strategy, aimed at driving innovation, boosting investments and enhancing research to further solidify the province as a global leader in biomanufacturing and health sciences. This includes a $146 million investment to help fuel the sector’s growth. “As we rebuild Ontario’s economy, the life sciences sector will play a critical role in driving growth and creating good-paying jobs for people right across the province,” said Premier Doug Ford. “The significant investments we’re making in the sector are unlocking new opportunities, accelerating the development of life-changing medicines and technologies and helping to keep people healthy. We want Ontario to be a place where medical breakthroughs are discovered and developed into innovative products and services for the benefit of everyone.” In 2022, the government introduced Taking Life Sciences to the Next Level, a plan to grow Ontario’s life sciences sector and improve health outcomes by securing new investments in next generation health technologies, medicines and vaccine manufacturing. Phase two of the strategy builds on the success of the initial plan with $5 billion in investments and 5,000 jobs created in the life sciences sector since 2018. It takes an all-of-government approach with four key areas of focus:
“With over $5 billion in game-changing investments from leading biomanufacturers over the last six years, global industry is taking notice of Ontario’s unique value proposition in the life sciences sector,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Phase 2 of our life sciences strategy builds on this momentum by further cultivating the conditions for both domestic and international companies to grow and thrive, right here in Ontario.” To support the next phase of the life sciences strategy, government investments will include:
Phase 2 will also include the launch of the new Health Innovation Pathway, designed to streamline and simplify access for health care organizations to adopt transformative technologies with a priority placed on supporting Ontario-based innovations. The strategy, along with our talented workforce, state-of-the-art research and development facilities and competitive business environment, will continue to drive sector growth, solidifying the province’s reputation as an emerging hub and leader for biomanufacturing and life sciences. |
Quick facts
The province is recognized as global leader in radioisotope production and with new critical investments will continue to support and expand Ontario’s nuclear medicine advantage. |
Additional Resources |
Media ContactsGrace Lee Rebecca Bozzato Media Relations |