THE BIOTECHNOLOGY AND CRO INDUSTRY ISSUES SEVENTEEN FINANCING AND PUBLIC POLICY
STUDY ON PUBLIC POLICIES AND FINANCING
QUEBEC (Quebec), November 5th 2019 – A government ally in the project aiming to attract $4 billion in private investments to Quebec by 2022 and make the province one of the five North American life sciences hubs, BIOQuébec is releasing the results of a major study on financing and public and regulatory policies which clearly describes the situation and identifies avenues to help us achieve our shared goals.
“While this comprehensive study conducted by Deloitte allows us to approach governments with an in-depth situational analysis, it also includes concrete solutions to reduce the gap between current and announced measures and the needs of the industry to meet these goals,”
Based on four key themes, the recommendations focus on addressing our industry’s issues regarding access to capital, marketing, access to the local market, the labour force, and entrepreneurship and mentoring:Développées sous l’angle de quatre axes importants, les recommandations visent avant tout à répondre aux enjeux d’accès au capital, de commercialisation, d’accès au marché local, de main-d’œuvre et d’entrepreneuriat et de mentorat de notre industrie :
1. ACCESS TO CAPITAL
Increase the efficiency of innovation tax credits:
· Improve the tax credit program for R&D salaries
· Institute a tax credit for producing intellectual property in life sciences similar to the one for companies specializing in producing multimedia titles
Improve the capital available in the seed phase:
· Develop a non-dilutive loans and seed subsidy program that does not require the participation of an academic institution
· Provide a tax credit to angel investors to decrease risk-taking and encourage investment
· Use high performing venture capital funds to guide seed investments
Improve the capital available for Phase ll and Phase lll clinical development and for marketing:
· Promote the establishment of a late-stage fund to limit the exodus of organizations conducting phase lll clinical development and facilitate the marketing of technologies developed in Quebec
· Examine the possibility of the Quebec government acquiring innovative financial tools to finance life sciences, such as green bonds and health bonds
· Continue to invest in venture capital funds
Improve life sciences organizations’ access to current programs:
· Redefine existing eligibility criteria for current generic subsidies and include a “life sciences” clause
· Facilitate access to BioMmed Propulsion, with a particular focus on decreasing the number of requirements and constraints
2. LABOUR FORCE
Improve access to human capital to support the industry’s growth:
· Enhance methods for attracting highly qualified life sciences talent – a simplified, improved, and vigorously promoted tax credit for foreign researchers
· Establish a wage subsidy program for the transition from academia to industry
3. ACCESS TO THE LOCAL MARKET
Improve access to the local market and integrate innovation:
· Ensure market access and integration of innovation: increase the resources assigned to the Bureau de l’Innovation;
· Take advantage of Quebec's unique context of biological, clinical, and administrative data and a world-class artificial intelligence ecosystem to develop precision medicine and real-world care research capacities
4. ANIMAL HEALTH
· Support the launch and acquisition of animal health companies
· Venture capital investments through amounts assigned to animal health
· Create a Quebec platform of integrated services in animal health (production animals) to test products under development.
These recommendations all stem from a detailed study of Quebec's existing public and financing policies, benchmarking with various sectors within Canada and with four other locations outside of Canada, and a detailed assessment of organizations’ needs that was conducted through interviews with nearly forty business leaders directly involved in Quebec’s biotechnology and CRO industry.
“We are very enthusiastic about the government’s response to our recommendations. Our meetings with Minister Fitzgibbon and Minister Girard, and their respective teams, have already shown us that they are as committed to the industry’s growth as we are. By working together, we can contribute to the development of a high value-added industry in Quebec and ensure that we meet the objectives we set for ourselves in the Quebec Life Sciences Strategy,”
Thanks to our partners, including Charles River Laboratories, for their support in conducting this study.
BIOQuébec, A DYNAMIC NETWORK
BIOQuébec is committed to supporting the growth of Quebec’s biotechnology and life sciences industry which creates wealth and specialized jobs, is focused on innovation and marketing, and is dedicated to improving everyone’s health and quality of life.
BIOQuébec s’engage à favoriser la croissance de l’industrie québécoise de la biotechnologie et des sciences de la vie, créatrice de richesses et d’emplois spécialisés, axée sur l’innovation et la commercialisation et dédiée à l’amélioration de la santé et de la qualité de vie de tous.
Pour découvrir de façon ludique l’innovation en sciences de la vie au Québec, découvrez la campagne L’innovation au Québec, c’est dans notre ADN à l’attention du grand public initiée par BIOQuébec en 2016.For a fun way to learn about innovation in life sciences in Quebec, discover the L'innovation au Québec, c'est dans notre ADN public awareness campaign which was launched by BIOQuébec in 2016.
BIOQuébec is also a partner in The Coolest Hotspot initiative, which seeks to attract investment and human capital to Quebec to foster and support our industry’s growth. est aussi partenaire de l’initiative « Ça se passe ici » (The Coolest Hot Spot en anglais) qui vise l’attraction d’investissement et de capital humain au Québec pour alimenter et soutenir la croissance de notre industrie.
For more information, go to Pour obtenir davantage de renseignements, visitez le www.bioquebec.com
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Information
Anie Perrault, LL.L., ASC
Executive Manager
Direction@bioquebec.com | C. 450- 522-0615