TORONTO — The Ontario government unveiled the next phase of its life sciences strategy, aimed at driving innovation, boosting investments and enhancing research to further solidify the province as a global leader in biomanufacturing and health sciences. This includes a $146 million investment to help fuel the sector’s growth.
“As we rebuild Ontario’s economy, the life sciences sector will play a critical role in driving growth and creating good-paying jobs for people right across the province,” said Premier Doug Ford. “The significant investments we’re making in the sector are unlocking new opportunities, accelerating the development of life-changing medicines and technologies and helping to keep people healthy. We want Ontario to be a place where medical breakthroughs are discovered and developed into innovative products and services for the benefit of everyone.”
In 2022, the government introduced Taking Life Sciences to the Next Level, a plan to grow Ontario’s life sciences sector and improve health outcomes by securing new investments in next generation health technologies, medicines and vaccine manufacturing.
Phase two of the strategy builds on the success of the initial plan with $5 billion in investments and 5,000 jobs created in the life sciences sector since 2018. It takes an all-of-government approach with four key areas of focus:
- Advancing research and development to enhance the province’s biomanufacturing capacity and capitalize on opportunities for commercialization.
- Unlocking new streams of capital that help entrepreneurs turn their ideas and prototypes into market-ready products.
- Supporting the existing ecosystem by enhancing the province’s value proposition and positioning Ontario as a premier destination for global business growth and new investments.
- Adopting a culture of innovation so home-grown companies can leverage opportunities throughout the province’s health care system.
“With over $5 billion in game-changing investments from leading biomanufacturers over the last six years, global industry is taking notice of Ontario’s unique value proposition in the life sciences sector,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Phase 2 of our life sciences strategy builds on this momentum by further cultivating the conditions for both domestic and international companies to grow and thrive, right here in Ontario.”
To support the next phase of the life sciences strategy, government investments will include:
- Up to $46 million for the Ontario Biosciences Research Infrastructure Fund, to help boost research capacity at postsecondary institutions and affiliated research hospitals.
- $15 million for a new wet labs program to reduce the time and barriers companies face when looking to access lab spaces, and $5 million for Clinical Trials Ontario’s QuickSTART Initiative to speed up health trials.
- $24 million for a new Life Sciences Scale-Up Fund (LSSUF) to help Ontario companies expand production capacity and prepare them for new procurement opportunities in Ontario and beyond. The LSSUF will act in tandem with the $12 million Health Technology Accelerator Fund (HTAF), announced in the 2024 Budget, providing opportunities for innovators, including Ontario companies, to partner with local health care service providers.
- An additional $40 million from the Venture Ontario Fund to invest in venture capital funds that will help Ontario-based life sciences companies and biomanufacturers innovate and grow.
Phase 2 will also include the launch of the new Health Innovation Pathway, designed to streamline and simplify access for health care organizations to adopt transformative technologies with a priority placed on supporting Ontario-based innovations.
The strategy, along with our talented workforce, state-of-the-art research and development facilities and competitive business environment, will continue to drive sector growth, solidifying the province’s reputation as an emerging hub and leader for biomanufacturing and life sciences.