Ontario Promotes Growing Life Sciences Sector During Trade Mission to Boston
33 Ontario biotech and pharma organizations showcase province’s innovation and workforce
June 08, 2023
Economic Development, Job Creation and Trade
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TORONTO — The Ontario government has concluded a successful trade mission to Boston to promote the province’s growing life sciences sector and explore new opportunities for investment and job creation. Vic Fedeli, Minister of Economic Development, Job Creation and Trade, led a delegation of 33 companies and organizations to the BIO International Convention, the world’s largest life sciences conference.
“Ontario is building on its long history of innovation and excellence by showcasing our growing life sciences sector around the world,” said Minister Fedeli. “The Ontario companies that exhibited at the BIO International Convention are treating life-threatening diseases, developing transformative medicines and manufacturing innovative medical equipment. Together, we’re attracting new investments, strengthening relationships and fostering new opportunities for Ontario.”
Over the last two and half years, Ontario has attracted more than $3 billion in investments from global life sciences companies and biomanufacturers. This mission built on that success by helping companies explore opportunities to invest in Ontario and forge new partnerships. The mission included meetings with companies like GSK, AbbVie and Moderna to discuss their current operations in Ontario and opportunities for growth.
“Ontario is the leading hub for life sciences in Canada and by engaging directly with industry executives, Invest Ontario is able to better support businesses interested in investing in the province,” said Trevor Dauphinee, CEO of Invest Ontario. “We were proud to participate in this year’s BIO International Convention to demonstrate why Ontario stands out as a leading destination for business investment.”
With its competitive business environment, world-class workforce, state-of-the-art research and development facilities, and abundance of critical minerals, Ontario continues to be a prime location for businesses worldwide to invest and grow.
- Ontario’s life sciences sector is comprised of a collaborative ecosystem of partners, including hospitals, research centres, universities, technology incubators, start-ups, scientists and domestic and multinational companies.
- The health and life sciences sectors employ more than 70,000 people across 1,900 firms in Ontario.
- Ontario’s delegation included 26 businesses and seven partner organizations including Clinical Trials Ontario, Life Sciences Ontario, the Ontario Biosciences Innovation Organization and Ontario Genomics.
- To support the next phase of Taking Life Sciences to the Next Level, Ontario’s life sciences strategy, the province has established a Life Sciences Council. This new council will explore ways to support the creation of good-paying jobs, accelerate commercialization and encourage the adoption of Ontario-made innovations to improve health care and grow the economy.
- In November 2022, the province launched a $15 million Life Sciences Innovation Fund to help entrepreneurs and companies advance made-in-Ontario solutions.
- In 2020, Ontario’s life sciences sector generated more than $65 billion in revenue. Annually, the life sciences sector exports $11 billion in goods, representing 62 per cent of total Canadian life sciences exports.
- Every year, more than 65,000 STEM students graduate from post-secondary programs across the province, producing one of the most highly skilled life sciences workforces in the world.
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Vanessa De Matteis