Ontario's government has announced a new phase of its life sciences strategy, with a focus on biomanufacturing and health sciences. The initiative aims to drive innovation, attract investments, and position the province as a global leader in the sector.
The government has invested $146 million in this phase, building on the success of the previous "Taking Life Sciences to the Next Level" initiative. The strategy encompasses four key areas: advancing research and development, unlocking new capital streams, supporting the existing ecosystem, and fostering a culture of innovation.
The funding will enhance research capacity, streamline access to laboratory spaces, expedite health trials, and support companies in expanding their production capacity. The government is also launching the Health Innovation Pathway to simplify access to transformative technologies for healthcare organizations.
Ontario's life sciences sector is the largest in Canada, employing over 72,000 individuals and generating more than $12.5 billion in exports. The province's skilled workforce and competitive business environment position it as an emerging hub for biomanufacturing and life sciences. The government's investments and initiatives are expected to boost the local economy and establish Ontario as a key player in the international life sciences landscape.