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Government of Canada Announces $20 Million Investments to Scale Up Canadian Companies in Health and Biosciences
Tuesday, August 20, 2019
Government of Canada investing in $20-million project proposal to launch integrated market
Vancouver, BC, August 20, 2019--(T-Net)--The Government of Canada announced that it will support a $20-million project proposal to scale up companies in health and biosciences.
This will be done through an initial $7-million investment to support the establishment of the CAN Health Network with its first network partners.
The CAN Health Network is an integrated market that will allow promising companies to work directly with health care organizations to understand their needs and commercialize health technologies to meet those needs and scale up their companies.
Through this integrated market, small and medium-sized enterprises (SME) and leading start-ups will be able to work with early adopter institutions to collaboratively research, develop and refine Canadian medical technologies to make them market-ready.
With procurement often identified as both a barrier and an opportunity, the CAN Health Network builds directly on the recommendations of the Health and Biosciences Economic Strategy Table to accelerate innovation adoption through new innovation procurement models.
Health care spending in Canada reached $253 billion in 2018—11% of the country's GDP—and the international market for medical technologies alone is estimated at $500 billion annually. With market opportunities of this magnitude, the global health technology sector is growing rapidly in Canada and around the world, and the CAN Health Network will position Canadian companies for success.
This investment will build the first points of the national network in western Canada and Ontario, with further expansion planned for Quebec, Atlantic Canada and northern Canada. The successes of these initial investments will guide future funding decisions, according to the government.
With $3.5 million from Western Economic Diversification Canada, the Saskatchewan Health Authority will lead the creation of the CAN Health Network in western Canada, working with:
With $3.5 million from FedDev Ontario, Trillium Health Partners will lead the creation of the CAN Health Network in southern Ontario. It will work with:
"Our government is making these investments to scale up companies and create good jobs for Canadians. The integrated market is an innovative approach supporting technology development and business growth. Through easy access to a large, consolidated domestic marketplace, companies will scale up and be anchored in Canada, commercializing technologies that can be exported around the world."
said The Honourable Mary Ng, Minister of Small Business and Export Promotion.
"It's an exciting time for innovation and industry in Canada, as medical technology has the ability to impact health care in a positive and profound way. This partnership brings together some of Canada's largest and most influential organizations to utilize a coordinated approach to adopt cutting-edge technology, bridging the gap between technology ventures and health care organizations. The widespread support for this platform speaks to the readiness of industry and health care to lead in this space. I am excited for the future of medical technology and know the CAN Health Network has the ability to create more specialized technology-based jobs right here in Canada." stated Dr. Deepak Kaura, Lead, CAN Health West Network.
Quick facts
Associated links
Backgrounder
Establishment of the CAN Health Network
The CAN Health Network, anchored in western Canada and southern Ontario, will facilitate the adoption of Canadian health care solutions.
This project relates directly to the recommendations of Canada's Economic Strategy Table on Health and Biosciencesand aligns with both Western Economic Diversification Canada's (WD) and FedDev Ontario's focus on innovation and ecosystem development, specifically within the life sciences industry.
WD will invest $3.5 million to establish the CAN Health West Network. The Saskatchewan Health Authority is the lead proponent, and the initiative will include four other health care providers: Alberta Health Services, Children's HospitalResearch Institute of Manitoba, O'Brien Institute for Public Health, and Vancouver Coastal Health.
FedDev Ontario will invest $3.5 million to establish the CAN Health Ontario Network. Led by Trillium Health Partners, the initiative will include six other health care providers: Bruyère, Grand River Hospital, The Hospital for Sick Children (SickKids), Prism Eye Institute, SE Health Care, Sinai Health System, Sunnybrook Health Sciences Centre, University Health Network; and Unity Health Toronto.
The CAN Health Network will work with high-growth Canadian SMEs to pilot and commercialize new technologies, while providing a dedicated market for participating health care providers to procure leading-edge health care solutions. Establishing this network will result in improved, shared procurement processes being adopted not only by the participating health care providers but also by hospitals across Canada. The success of these initial investments will guide future funding decisions.
This initiative will provide a range of benefits including:
About Saskatchewan Health Authority
The Saskatchewan Health Authority (SHA) employs more than 40,000 people and is responsible for the planning, organization, delivery and evaluation of the health services system for the entire province of Saskatchewan. The SHA is committed to playing a leadership role in the CAN Health West Network where it hopes to break down geographic boundaries and service silos to provide more consistent and coordinated health care services across western Canada.
About Trillium Health Partners
Established in 2011, Trillium Health Partners encompasses three hospital sites: Mississauga Hospital, Credit Valley Hospital and Queensway Health Centre. In total, the three hospitals receive over 1.6 million visits per year from across the Peel and Toronto West region, making Trillium the largest community-based, academically affiliated hospital in Canada. Trillium leverages its vast network and large population base to identify best practices in developing an integrated approach to delivering health care across Ontario.
For further information: Corinne Havard, Press Secretary, Office of the Minister of Small Business and Export Promotion, corinne.havard@canada.ca; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, ic.mediarelations-mediasrelations.ic@canada.ca
Related Links
http://www.ic.gc.ca/eic/site/icgc.nsf/eng/home
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