Backgrounder
November 27, 2008
THE NEXT GENERATION OF JOBS FUND: BIOPHARMACEUTICAL INVESTMENT PROGRAM
The Next Generation of Jobs Fund is a five-year, $1.15-billion strategy designed to stimulate economic growth and prosperity in Ontario while helping create the next generation of jobs and improve environmental sustainability.
Premier McGuinty unveiled the fund in June 2007 when he announced $650 million would be made available to companies looking to invest in the development of clean cars, clean fuels, and clean technologies and products in Ontario. The fund has since been expanded to $1.15 billion.
The Next Generation of Jobs Fund supports Ontario’s Innovation Agenda, the province’s eight-year, $3-billion strategy for supporting world-class research and innovative companies in areas where the province already is, or can be, a global leader. Ontario’s priorities are:
- Conquering disease through life sciences, biotechnology, advanced health technologies and pharmaceutical research
- Tackling climate change through bio-based, environmental, alternative energy and clean technologies
- Advancing the digital universe by leading the development of new, global digital media, information and communications technologies.
BIOPHARMACEUTICAL INVESTMENT PROGRAM
The Biopharmaceutical Investment Program was the first component launched of the Next Generation of Jobs Fund strategy.
It is specifically designed to increase the level of biopharmaceutical research and development and advanced manufacturing in Ontario, and to help create high quality jobs for our skilled graduates.
Through the program, the province is making $150 million available over five years to projects that attract new biopharmaceutical investments to Ontario or enhance existing ones.
OTHER INVESTMENTS UNDER THE BIOPHARMACEUTICAL INVESTMENT PROGRAM
In April 2008, Ontario announced a $13.9 million investment to help sanofi pasteur expand R&D operations at the vaccine company’s North Toronto research park. The $101.5-million expansion includes the construction of a new $80-million, state-of-the-art research facility and the expansion of sanofi pasteur’s research activities over five years. The project will create 30 new, permanent high-value jobs, retain 900 current high-value jobs and help develop vaccines for diseases like whooping cough and various forms of cancer.
The project is also providing up to 300 immediate construction jobs. Meanwhile, the new high-paying jobs at the facility will create economic spin-offs.
Click here for more information about the Biopharmaceutical Investment Program, guidelines and application forms.
See also:
