Why other countries are jealous of Canadian biotech

October 27, 2011 at 11:07 am Leave a comment

Appearing before the Standing Committee on Finance in Saskatoon today, Mr. John Hyshka, Chief Financial Officer of Phenomenome Discoveries showcased the Canadian biotechnology industry accounts for 11% of all business-sector R&D. Biotechnology companies spend over $1.5 billion each year on research and development in Canada. Moreover biotechnology innovations have become core to supporting over 1 million Canadian jobs and $86 billion of the Canadian economy.

“Canadian biotechnology companies are home to staggering science and innovations that other countries want,” commented Mr. John Hyshka, Chief Financial Officer of Phenomenome Discoveries. “Our industry catalyzes research into products and our bio-economy continues to grow. It is important the federal government take a serious look at the competiveness of current incentive programs to ensure continued growth in Canadian jobs.”

The biological sciences in Canada are adding value to a host of products, services and industries, establishing the “the bio-economy.” From resource management to new manufacturing technologies, from new medicines to healthier foods, from renewable energy sources to cleaner chemical production, biotechnology is driving vast levels of innovation into all elements of the Canadian economy.

Thanks to Business Wire for this story.

Entry filed under: Biotechnology News. Tags: .

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