TBA The Biotechnology Initiative

The Voice of Bioscience in Ontario

NEWS

SPONSORS

Flash Slideshow

 


Notes For A Statement To The Legislature


BY THE HONOURABLE JOHN MILLOY MINISTER OF RESEARCH AND INNOVATION & MINISTER OF TRAINING, COLLEGES AND UNIVERSITIES ON RECOGNIZING NATIONAL BIOTECHNOLOGY WEEK

QUEEN’S PARK
TORONTO, ONTARIO
SEPTEMBER 23, 2009
CHECK AGAINST DELIVERY

Mr. Speaker:
This week is an important one for Ontario… as we celebrate National Biotechnology Week.

Biotechnology is vastly important to our province and our citizens. Ontario’s thriving Life Sciences sector, which includes biotech, employs more than 43,000 people at some 850 companies — generating about $14 billion in revenues annually.

Mr. Speaker, just yesterday I attended an event hosted by The Biotechnology Initiative. This stakeholder event was held at vaccine maker Sanofi Pasteur to celebrate National Biotechnology week.

I was standing where some of Canada’s greatest biotechnology achievements have emerged… the development of a diphtheria vaccine that saved thousands of children and helped push the Allies to victory in the Great War… the commercialization and wide-spread manufacture of insulin… the injectable polio vaccine… work leading to the eradication of smallpox, and the world’s most advanced whooping cough vaccine.

But, biotech is not just about innovative vaccines, drug development and healthcare.

Our government is investing in research and innovation that will help green our world — and create the next generation of high-paying jobs in other key biotech areas as well.

I’m referring to research that is being done across our province to find new ways of using crops to build stronger, lighter, greener auto parts… through our support of the Bio Auto Council.

There is the work that is being done in Thunder Bay at the new Centre for Research in the Bio-Economy, which was launched earlier this year — and the related work happening across the province, from Sarnia to Kingston — to find new revenue streams for the forestry sector through innovations in forestry bio-products.

And in biofuels, we have projects in London at the University of Western Ontario, where researchers are partnering with business to develop the next generation of biofuels, using agricultural byproducts like corn husks.

Mr. Speaker, the world is looking for solutions to better treat and prevent disease… achieve sustainable healthcare… tackle climate change… and find cleaner, more sustainable ways of generating the energy we need.

In Ontario, we see the global challenges and we also see the tremendous opportunities that they present…to work together, and to bring our talent, commitment and imagination to bear on delivering the bio-based products… services… and jobs… of the future.

The McGuinty government is proud to be a global leader when it comes to support for the bio-based sector.

FierceBiotech has already named us one of the top five places in North America for biotech.

And, Premier McGuinty was honoured with the global Biotechnology Industry Association’s Leadership Award this year — a world-wide recognition of the actions the McGuinty government is taking to support and advance this important sector.

Let me tell you more about what we’re doing.

Ontario’s Innovation Agenda will see $3.2 billion invested to support the work that innovative people and companies are doing across our province.

Specifically, we are supporting our world-class researchers to the tune of $1.3 billion, because we know that it is their discoveries that will lead to the next generation of products, services and technologies.

It’s also why we created the $150-million Biopharmaceutical Investment Program (BIP). We’re getting results — BIP has already leveraged an additional $139.8 million in private sector investment over the past 18 months.

Earlier I spoke of Sanofi Pasteur.

Mr. Speaker, through BIP we were able to partner with Sanofi to build a new research and development facility at their North Toronto campus. This means retaining 900 existing research and manufacturing jobs and creating 30 new permanent high-skill research jobs — alongside 300 new construction jobs.

Our government is committed to attracting, retaining and igniting growth in more companies like Sanofi.

We recognize that tax incentives are important to attracting innovative thinkers and companies to our province.

In fact, after Ontario and federal corporate income tax incentives are implemented, a single dollar invested in R&D will cost as little as 35 cents.

And, we are also cutting Ontario’s marginal effective tax rate on new investment in half, and we’re creating a 10-year tax exemption for companies that want to commercialize, in Ontario, intellectual property coming from colleges, universities and research institutions across Canada.

Our harmonized sales tax is also an important cost-saving measure for the biotechnology industry.

Everything we are doing is aimed at making Ontario one of the best places in the world to turn new knowledge and new ideas into better health care, cleaner energy, and more sustainable ways of doing business and going about our daily lives.

Our goal is to be one of the top three jurisdictions in the world for biotech.

Mr. Speaker, we will succeed in the same way that we always do — by thinking big and working together.

Thank you.