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Sparking Growth In Ontario's Biopharmaceutical Industry
Date:2/4/2008

Support For Cutting-Edge Health Research Will Create Jobs, Attract

Investment

TORONTO, Feb. 4 /PRNewswire/ - The Ontario government is providing $150 million through the Next Generation Jobs Fund to encourage research-based pharmaceutical companies to invest in Ontario, Minister of Research and Innovation John Wilkinson has announced.

"Attracting these investments will create good-paying jobs that support the discovery of new medical treatments for diseases that affect us all," said Wilkinson. "Supporting this research will strengthen Ontario's economy and create a higher quality of life for Ontario families."

The biopharmaceutical industry:

- Employs over 9,000 Ontarians in high-value jobs, such as researchers

and scientists

- Invested more than $550-million in Ontario in 2006 to enable the

discovery of life-saving therapies, such as antibiotics, new vaccines

and more effective cancer treatments

- Makes up thirty-one of Canada's top 100 corporate R&D investors.

The $150 million will create jobs in the biopharmaceutical research community by enabling companies to apply for grants, loans, forgivable interest loans and funds for building infrastructure, research and training.

"Our government's $150 million investment is focused on increasing the amount of health research and advanced manufacturing activity that is happening right here in Ontario," said Minister of Economic Development and Trade Sandra Pupatello. "The significant investments that biopharmaceutical companies make in health research are essential to the growth and success of our emerging biotechnology industry, and other sectors that are important to Ontario's economy."

The $1.15-billion Next Generation Jobs Fund supports job creation in areas where Ontario has a strong competitive advantage and is designed to build and strengthen industry, create jobs and make
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SOURCE Ontario Ministry of Economic Development and Trade
Copyright©2008 PR Newswire.
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