Federal government announces $2.2 billion biomanufacturing and life sciences strategy
The Funding Portal
Melanie Tabet
Strategy will focus on five key areas to strengthen country’s domestic capabilities
Healthcare and life sciences continue to be a focus when it comes to government initiatives and funding. Fundingportal’s AI-driven data indicates that last week alone, seven healthcare and life sciences projects were awarded over $75 million in funding. Project purposes ranged from research and development to capital expenses and expansion, and included aboriginal and children’s healthcare, as well as funding for brain injuries and COVID-19 vaccination efforts.
The federal government also announced a $2.2 billion biomanufacturing and life sciences strategy aimed at growing the sector and making it more competitive. Canada currently ranks as the world’s 8th largest medical device market, 10th largest market for pharmaceutical sales and 4th for scientific publications. The new biomanufacturing and life sciences strategy’s goal is to not only strengthen the sector overall, but to help ensure that Canada will be prepared in the event of a future pandemic.
The government has already invested $1.2 billion in biomanufacturing and COVID-19 vaccines this year. Over the next seven years, the federal government will be investing another $2.2 billion toward projects that will help position Canada as a leader in biomanufacturing, as well as support research and development, create jobs and prepare the country to be self-sufficient when it comes to any future large-scale medical urgencies.
The strategy includes five main areas of focus:
- Ensuring that experts are driving informed decisions across all levels of government.
- Building a strong ecosystem of researchers and scientists.
