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

Ontario globally competitive in key sectors.

"Today's announcement sends a signal not only to the domestic biopharmaceutical industry, but also to our global community that Ontario values this sector and its potential for growth," said Ronnie Miller, Chairman of Rx&D and President & CEO Hoffmann-La Roche Limited. "By working together with the Ontario government, our community is setting a course for the future that will help ensure we can continue to invest today in the medical discoveries of tomorrow, retain our brightest minds here at home and ultimately, ensure patients benefit from access to these new medicines and vaccines."

"Ontario enjoys a vibrant, world-class health research sector," said Janet Rossant, Chief of Research, The Hospital for Sick Children. "Incentives like this new biopharmaceutical investment program will ensure that partnerships between industry and researchers in Ontario continue to build a strong knowledge-based economy that will create jobs and improve the health of our population."

The $150-million biopharmaceutical investment program is just one of the ways the Ontario government is strengthening the economy and supporting Ontario families. Other initiatives include:

- Encouraging strong job creation, with over 417,000 net new jobs since

October 2003

- Launching the $160 million Ideas-to-Market strategy that supports

emerging companies

- Helping Ontario's brightest researchers move their new ideas from

labs to the global marketplace by investing $527 million over five

years in the Ontario Research Fund

- Establishing a six-year, $500-million Advanced Manufacturing

Investment Strategy to help manufacturers invest in innovative new

technologies

- Providing a 21 per cent Capital Tax rate cut for all businesses

retroactive to January 1, 2007, on the way to full elimination in

2010

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SOURCE Ontario Ministry of Economic Development and Trade
Copyright©2008 PR Newswire.
All rights reserved

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