Minister Bains champions Canadian innovation in biotechnology and information and communications technologies during visit to California
Canada is premier destination for investment in life sciences R&D, manufacturing and high-technology innovation fields
June 9, 2016 – Ottawa – Innovation, Science and Economic Development Canada
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, today marked the conclusion of a successful trip to San Francisco and Silicon Valley. Minister Bains led the Canadian delegation at the 2016 BIO International Convention, the world's largest gathering of scientific leaders and biotechnology and pharmaceutical firms. There he engaged with key global industry leaders to discuss partnerships within the innovation ecosystem and ways to support growing firms.
While at the 2016 BIO International Convention, Minister Bains promoted pharmaceutical investment and partnership opportunities in Canada and highlighted the many competitive advantages of the Canadian biotech R&D ecosystem, including high-quality research capabilities, clinical trial expertise and the lowest business operating costs in the G7. Minister Bains also took part in BIOTECanada's Gold Leaf Awards ceremony, which recognized Canadian excellence in life sciences, and met with global and Canadian industry leaders.
After attending the 2016 BIO International Convention, Minister Bains met with the C100, a group of Canadian investors, entrepreneurs and executives living in Silicon Valley. Minister Bains and the C100 members discussed the state of innovation in Canada as well as financing strategies for successful Canadian firms both at home and abroad. The Minister also toured the headquarters of networking company Cisco Inc. to explore innovation partnerships and investment in Canada.
"Canada is recognized around the world for having a strong pharmaceutical MNE footprint of R&D and manufacturing facilities and a health care system that has both strong national and regional components. With these, our life sciences industry is poised for growth and well positioned for new investments—particularly in the areas of regenerative medicine, oncology, neurology, clinical trials and health innovation systems. Canada is also known as a source of skilled talent and fresh ideas when it comes to information and communications technologies. Through the government's Innovation Agenda, we will strengthen industrial capabilities, grow new dynamic and globally oriented companies and generate quality jobs in both of these important sectors of the economy."– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
- The Canadian pharmaceutical and medical device sector accounts for 81,000 jobs and $1.8 billion in R&D.
- The pharmaceutical sector's domestic exports are valued at $9.8 billion, doubling in value over the last five years. The sector counts a range of players—firms that have grown in Canada as well as global companies—involved in developing and manufacturing diagnostic tools, drugs and vaccines.
- In 2015, Canada's information and communications technologies sector numbered more than 37,000 firms and contributed nearly 585,000 jobs to Canada's economy.
- Canadian information and communications technology firms spent more than $4.6 billion on R&D and exported more than $22 billion worth of goods and services in 2015.
- Speech: BIO 2016 Gowling WLG Luncheon
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Office of the Minister of Innovation,
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