Bioscience Industry Applauds Ontario
Government for Investment in Research and
Budget boost, changes to funding programs should improve access to capital
March 26, 2010 08:48 PM Eastern Daylight Time
TORONTO--(EON: Enhanced Online News)--Urgently needed capital should become more accessible to
Ontario’s bioscience companies and help create jobs in the biotechnology sector, 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 programs designed to encourage research and innovation are applauded by Ontario
Bioscience Industry Organization (OBIO).
In 2009, chief executive officers of Ontario-based bioscience companies identified the industry’s most pressing
challenges and presented their recommendations for promoting growth in the sector to the Ontario Government.
These recommendations of OBIO sought modifications to make existing funding programs more accessible and to
accelerate commercialization, but did not ask for new money.
Dr. David Young, chair of the board of directors of OBIO, and managing partner, Actium Equity Partners, said:
“The Ontario Government is listening to our industry and recognizing 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. We encourage the Ontario Government in its commitment to innovation and the life-science sector by
addressing the critical issue of access to capital.”
Program modifications sought by OBIO included adjustments to the Biopharmaceutical Innovation Program (BIP),
owing to difficulties for Ontario life-science companies in accessing funds. The province has since announced the
winding down of BIP as a prelude to adjustments in other programs that will reflect industry input.
Gail Garland, president and chief executive officer, OBIO, said: “Innovation is the lifeblood of our life-science