OTTAWA, Ontario–(BUSINESS WIRE)–Poised as a vital component of Canada’s push to develop more
knowledge-intensive industries, Canada’s biotechnology sector is
composed of many early-stage companies that are expecting significant
growth in the future. The survey results underscore the reality that the
search for talent and investment will continue as an important industry
priority for the immediate period ahead.
The sector is currently represented by small and
medium-sized companies expecting to create new high paying jobs in the
coming five years.
- The number of companies with 25 or more employees is expected to
increase from 20% in 2017 to 45% minimum 2021, an increase of 25
Companies are expecting to raise additional capital in the coming years
to support growth and have identified access to capital as the primary
issue facing the sector. Diverse sources of capital are a critical
element in spurring on the predicted growth:
- Survey respondents expect to access capital from sources in the future
including institutional pharma (51%), venture capital (41%), public
financing (30%), and angel investors (20%).
Increased levels of research and development funding are projected as
50% of companies expect to be spending more than $5million annually by
2021, up from 16% in 2017.
“The survey results clearly demonstrate the industry is presently in a
healthy growth mode. In this context, the importance of improving
Canada’s competitive position to attract, grow and retain top tier
talent cannot be overstated. With great science, the right talent and
sufficient investment, Canadian innovation can be developed and
commercialized in Canada. Ultimately, if we are successful, Canada
should be home to several globally commercial biotech companies which
will deliver significant economic and social benefits for the country,”
commented Andrew Casey, President and CEO of BIOTECanada.
“With uncertainties in the global economic landscape, it is exciting to
see the biotechnology industry’s potential for growth and positive
contribution to Canada’s economic outlook,” stated Lisa Purdy, Deloitte
Canada’s National Managing Partner for Life Sciences and Healthcare.
Learn more – full
survey results can be found here.