Federal Investments to boost Toronto’s Health Tech Sector
Minister Mélanie Joly announces $13.4 million to scale up promising health tech businesses and organizations and create nearly 500 skilled jobs
October 9, 2020 – Toronto, Ontario
The COVID-19 pandemic has highlighted the critical importance of keeping Canada at the cutting edge of health technology to offer the best possible care to Canadians, while supporting economic growth. The Government of Canada is partnering with innovative health tech businesses, and organizations that support them, to nurture promising ideas and talent, while creating good jobs and helping our economy recover from the impact of the global health crisis.
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a total FedDev Ontario investment of $13.4 million for four Toronto-based recipients to advance health innovation.
Strengthening southern Ontario’s leadership in health technology solutions
The federal government is proud to announce a $6.5-million investment for Toronto Innovation Acceleration Partners (TIAP), a membership-based organization of top universities and major research hospitals and institutes in Ontario working together to advance health science technologies by supporting companies from discovery to market. Funding will allow TIAP to expand its programming and reach to create a network aimed at scaling high-growth health and life sciences companies, with a focus on three key areas: therapeutics, artificial intelligence and medical technology. Through this project, TIAP expects to create more than 400 highly skilled jobs, scale up 32 life sciences companies, and support at least six companies to become anchor firms in the southern Ontario life sciences sector.
The Toronto life sciences ecosystem abounds with companies that have developed digital solutions aimed at improving the quality of patient care. Today’s announcement also includes a total investment of $6.9 million for MindBeacon Holdings Inc., Cyclica Inc., and Healthism Systems Inc. (InputHealth) to scale up their innovations, including digital mental health treatments, drug discovery software powered by artificial intelligence and software solutions for greater patient engagement and coordination of care. In total, these three projects are expected to create 84 skilled jobs in the Toronto region. For additional project details, please see the backgrounder.
With a strong entrepreneurial ecosystem, Toronto has anchored its position as a leader in key sectors including life sciences. Through strategic investments like these, the Government of Canada is building on regional strengths to help secure our position as a world leader in innovative health technologies and create the right conditions for growth the post-COVID-19 economy.
“Supporting made-in-Canada health solutions is critical to solving the challenges we are facing today, while helping our economy recover. These investments from FedDev Ontario will help some of our most promising health companies advance their innovative technologies, while creating good jobs for Canadians and helping Canada stay at the forefront of health care innovation as we work to build back better and stronger.”
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“Especially in these unprecedented times, supporting our regional economies is essential for Canada’s success and sustainability. With FedDev Ontario’s funding for these four Toronto-based innovators, we are helping to bring new health technologies and ideas to the world, while improving health outcomes for Canadians and creating quality jobs right here in our communities."
- Kate Young, Parliamentary Secretary to the Minister of Economic Development and Official Languages (FedDev Ontario)
Toronto’s life sciences sector employs nearly 30,000 workers and contributes more than $2 billion to the local economy.
On October 3, 2020, Minister Joly announced an additional $184 million for FedDev Ontario to help more businesses across southern Ontario through the RRRF, bringing the total RRRF funding for southern Ontario to $436.4 million.
In August 2020, TIAP’s President and CEO, Parimal Nathwani, was appointed a core member of the Government of Canada’s COVID-19 Therapeutics Task Force to advise on funding of new and potential therapies for COVID-19.
Since November 2015, FedDev Ontario has invested nearly $434 million in 832 projects across the Toronto region.
Press Secretary, Office of the Minister of Economic Development and Official Languages
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