The McGuinty government says it is moving forward with its five-year plan to Open Ontario to new jobs with its 2010 Ontario Budget.
Open Ontario builds on progress made over the past six years to support job creation and enhance the programmes and services, including education, health care and skills training.
Support for the biotechnology sector
The bioscience industry has applauded the Ontario Government for investment in research and innovation.
It is being felt that urgently needed capital should become more accessible to Ontario’s bioscience companies and help create biotech jobs, thanks to Ontario’s 2010 budget.
An announced increase in the budget of the Ministry of Research and Innovation coupled with anticipated adjustments to existing funding programmes designed to encourage research and innovation has been acknowledged by Ontario Bioscience Industry Organization (OBIO).
Dr. David Young, chair of the board of directors of OBIO, and managing partner, Actium Equity Partners, said that the Ontario Government is “recognising the economic potential of a vibrant and growing bioscience industry that can produce many of the medical therapies and technologies we now import and can create jobs”.
Programme modifications sought by OBIO included adjustments to the Biopharmaceutical Innovation Programme (BIP), owing to difficulties for Ontario life-science companies in accessing funds.
Expert committees
The Ontario government has shown commitment to the biotechnology sector, as part of its support for emerging technology industries.
However, according to OBIO, regulatory requirements and the lead-time between discovery and commercial revenue create unique challenges for SMEs in the bioscience sector, which are not always recognised.
Both private and public biotechnology SMEs jointly formed OBIO last year with the mandate to provide input to the provincial government around actions designed to ensure the long-term commercial success of our industry, and the associated growth in R&D sector jobs and financial health. The organisation represents more
than 70 small to mid-size biotechnology companies headquartered in Ontario. These companies employ skilled research and business people in the development and commercialisation of new drug therapies, diagnostics and medical devices.
For its part, OBIO also has struck expert committees to work with industry CEOs on finding new ways to leverage global risk capital into Ontario and on developing a strategy to maximise the scientific and economic potential of biotechnology.
Recognition
In its report, Ontario’s Long-Term Report on the Economy, released earlier this year, the Ministry of Finance highlighted that while research and development (R&D) is often associated with advances in manufacturing, important growth areas such as biotechnology and software are driven by service-sector R&D performers. In 2006, about 57% of software R&D and 69% of biotechnology R&D was performed in Canada’s service sector.
