Ontario is solidifying its position as a global leader in the life sciences industry through strategic investments and initiatives aimed at fostering innovation, attracting global collaborations, and generating high-value jobs.
With a robust ecosystem of over 2,000 companies, Ontario’s life sciences sector employs more than 72,000 professionals and contributes over $12 billion in exports annually.
Recent developments highlight the province’s ambitious plans to build a thriving life sciences hub and launch an additional $146 million funding program to further establish Ontario as a global biomanufacturing and life sciences leader.
Attracting Global Investment for Life Sciences
Ontario recently announced a major investment by a prominent life sciences company that will create up to 250 new jobs. This partnership is facilitated through Invest Ontario, which offers competitive incentives to secure international projects. These efforts build on Ontario’s success in attracting over $4 billion in biomanufacturing investments in recent years, reinforcing the province’s reputation as a destination for advanced medical technology and pharmaceutical production
“As one of the largest life sciences jurisdictions in North America, Ontario is a prime location for domestic and international biomanufacturers looking to invest and bring their innovative ideas from lab to market.”
– Vic Fedeli, Minister of Economic Development, Job Creation and Trade.
Since 2018, Ontario has secured over $5 billion in investments from top life sciences and biomanufacturing companies such as AstraZeneca, Moderna, and OmniaBio, reinforcing its position as a leader in the sector. To build on this success, the provincial government is advancing its Life Sciences Strategy, Taking Life Sciences to the Next Level, with a $146 million investment aimed at fostering growth and creating a supportive environment for domestic and international businesses to flourish in Ontario.
The New Life Sciences Scale-Up Fund
Ontario’s government has unveiled the next phase of its Life Sciences Strategy, targeting both short-term economic benefits and long-term sectoral growth.
One of the key measures includes the Life Sciences Scale-Up Fund which will open for intake in early 2025 and is designed to accelerate the development of cutting-edge healthcare technologies.
This comprehensive approach aims to boost the sector’s workforce to 85,000 jobs by 2030, marking a 25% increase from 2020 levels. Such initiatives reflect the province’s commitment to nurturing a highly skilled talent pool and fostering innovative solutions.
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Building a Sustainable Future with Government Funding Support
In line with its strategy, Ontario is positioning itself as a global biomanufacturing powerhouse by supporting local innovation and attracting multinational collaborations. The province’s focus includes developing vaccines, next-generation therapeutics, and advanced health technologies, ensuring resilience against global health challenges.
Ontario offers several funding programs to support the life sciences sector, including:
- NRC IRAP Program: Helps small and medium-sized enterprises across Canada with funding and advisory services to develop and commercialize new technologies.
- Strategic Innovation Fund (SIF): A federal initiative offering financial support for large-scale innovative projects, including biomanufacturing and life sciences ventures.
These Canadian government funding programs are aligned with Ontario’s broader strategy of fostering a sustainable and globally competitive life sciences ecosystem while addressing global health challenges with advanced solutions.