Advance, adjust, influence
Dear members
The release of the Quebec budget in March confirmed a number of positive trends for our industry, but also revealed a number of issues requiring rapid adjustment.
Among these, the new tax credit for research, innovation and commercialization (CRIC), while announced as a step forward, contains significant setbacks compared to the previous system, particularly for companies in the early-stage and startup stages, which drive innovation in our ecosystem. BIOQuébec is actively working to raise these issues with the authorities, with a view to quickly rectifying certain aspects of the regime that risk slowing down the entrepreneurial momentum in R&D.
This work takes place in a crucial context, as details of the Quebec Life Sciences Strategy (QLSS 3.0) are awaited. It is imperative that this updated version be based on an ambitious vision that fully recognizes the economic and social benefits of our industry, while taking into account the diversity of its business models. Despite the fact that the $54 million allocated to the SQSV falls far short of the community's expectations, we hope that low- or no-cost measures will find their place, and that other sums will be invested starting next year. This tight budgetary context must also be used as an opportunity to tackle practices in the field, to streamline administrative processes and to remove obstacles to the integration of innovation in our healthcare system.
The return of the SME Pulse program is an encouraging sign for growing companies. We hope that it will be maintained in the long term, as well as the development of other incentives to stimulate private investment in life sciences and health technologies, given the specific challenges our industry faces in bringing a project from the laboratory to the marketplace.
Diversify, anticipate, cooperate
In a changing global context, market diversification is no longer a secondary objective, but a necessity. The instability of US federal funding for R&D, regulatory uncertainties - notably concerning messenger RNA, vaccines and women's health - create both tensions and opportunities.
Our companies must be able to take advantage of these upheavals to accelerate their positioning in new niches or markets, while continuing to play a role in North American innovation chains.
In this regard, maintaining momentum in our U.S. collaborations remains essential. The mission to BioNJ on May 12 and 13, as part of their annual conference, is a concrete opportunity to strengthen our partnerships, promote our strengths and defend our interests in a competitive environment. A delegation of Quebec companies is taking part, and other activities are planned in Maryland and Florida between now and the end of the year. We are also preparing our participation in BIO 2025, in Boston, which will provide an important showcase for our industry.
BIOQuébec remains mobilized, attentive to the needs of its members, and committed to building solid bridges between the industry, decision-makers and sector partners in Quebec, Canada and internationally.
Thank you for your trust and commitment.
Benoît Larose
President and CEO
Please note the newsletter is in French only.
