NEWS RELEASE
For Immediate Release
April 30, 2010
Life Sciences Strategy To Boost Health Technology Sector
McGuinty Government Helps Create Jobs And Advance Innovative Technologies
NEWS
Ontario is launching a new Life Sciences Commercialization Strategy that combines existing and new life sciences initiatives into a comprehensive and coordinated plan.
The Life Sciences Commercialization Strategy will help position Ontario as one of the world’s leading life sciences jurisdictions, and will ensure cutting-edge healthcare discoveries and products are made in Ontario — keeping high-value jobs in Ontario.
As part of the Strategy, Ontario is investing over $21 million in The Health Technology Exchange (HTX), which will help HTX partner with innovative companies, research institutions and health providers to develop cutting-edge medical and assistive technologies (MAT) that can be marketed to the world. Over the first five years, the investment is expected to help create more than 130 new jobs and retain additional high-tech jobs.
Funding for the life sciences is part of Ontario’s Innovation Agenda to make innovation a driving force of Ontario’s economy, and also supports the Open Ontario Plan to create new opportunities for jobs and growth.
QUOTES
“The McGuinty government remains committed to growing the knowledge economy, and to furthering innovation in our province. Ontario’s new Life Sciences Commercialization Strategy targets our support in this key area and will helpposition Ontario as one of the world’s top life sciences clusters.”
— Minister of Research and Innovation, John Milloy
“Today’s investment in HTX is about supporting our creative entrepreneurs, emerging health technology businesses and world-class researchers while putting Ontario in front of this multi-billion dollar global market opportunity. The result will be high-value jobs and better healthcare for Londoners, and all Ontarians.”
— MPP for London West, Chris Bentley
“Our new Life Sciences Commercialization Strategy ensures that Ontario’s brightest ideas are transformed into products and services we can sell to the world. It will help ensure that jobs and investment stay right here in our province. “
— MPP for London Fanshawe, Khalil Ramal
“This investment will help us bring researchers, health providers and innovative companies together in order to position our province at the forefront of this incredibly exciting field. The government’s commitment will help transform Ontario’s health technology discoveries into innovative products and services.”
— President and CEO, The Health Technology Exchange (HTX), Morris Milner
QUICK FACTS
- Ontario is investing over $161 million through its Life Sciences Commercialization Strategy.
- As part of the Strategy, the province is providing up to $21.4 million over five years to support the over $78 million total cost of two HTX-run programs.
- The global market for medical and assistive technologies (MAT) is estimated at $250 billion.
- An estimated 700 Ontario-based MAT companies employ more than 22,000 and generate approximately $4 billion in revenues.
LEARN MORE
Learn about Ontario’s Life Sciences Commercialization Strategy
Learn about the government’s Open Ontario Plan.
Learn about the Ontario's Innovation Agenda.
Learn about The Health Technology Exchange (HTX).
See also:
- Backgrounder: Improving Healthcare While Creating High-value Jobs
- Life Sciences Commercialization Strategy (PDF - 1MB)
- For the media
