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2024 Federal Budget Recognizes the Critical Role of Canada’s Biotech Industry – BIOTECanada

April 17, 2024 [OTTAWA] – 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.”

Nina Lewis