OTTAWA,
ON, April 17, 2024 /CNW/ - The Canadian
biotechnology sector welcomed the federal budget which highlighted
investment, research, and regulatory performance in its
commitments.
BIOTECanada, the national industry association for biotechnology
representing the biotech company, research, and development
ecosystem across Canada, offered
the following response to the federal budget announced
yesterday.
"The federal budget offered timely and important recognition on
the strategic importance of securing life science innovation into
the overall growth of the Canadian economy. By reinvesting
$200 million in the Venture Capital
Catalyst Initiative, the initiative to bring pension fund
investment capital into Canada's
innovation sectors, along with the SR&ED and patent box
consultations, suggests the government is building on the
Biomanufacturing and Life Sciences Strategy's focus on the
biotechnology and life sciences as a sector driving economic growth
while supporting the well-being of Canadians," said Andrew Casey, President and CEO,
BIOTECanada.
He continued, "With the existing investments in
biomanufacturing, and AI, coupled with the initiative to secure
investment commitments from large Canadian institutional investors,
the biotech industry can look towards establishing the next cycle
of company growth which will drive expansion of research and
development operations in Canada.
Importantly, while significant progress has been made following the
pandemic, Canada still has work to
do to enhance our regulatory competitiveness and attract investment
for it to remain one of the leading OECD nations with biotechnology
innovation as a core economic factor for long term sustained
growth."
About BIOTECanada
BIOTECanada is the national industry association whose 200+
members are representative of the broader Canadian biotech
ecosystem which is national in scope and includes companies and
entities in the life sciences/health, industrial and agricultural
biotechnology sectors. In the context of climate change, food
sustainability and human health needs, the biotechnology industry
plays a vital role in developing solutions to help address the
health and environmental challenges impacting the global
population. Visit: biotech.ca
*French version of this release available at:
biotech.ca/news
SOURCE BIOTECanada Association