BOSTON – June 8, 2021 – On the heels of an unprecedented year for the life sciences industry globally, Canada is sending its largest international delegation to the 2021 BIO Digital International Convention. Covid-19 has put this industry in the spotlight and Canada has risen to the occasion with key breakthroughs including cell therapy advances, antibody development and artificial intelligence use for drug discovery. Investment from both the government and public/private sector coupled with a robust biotech ecosystem and initiatives to create a welcoming regulatory environment have led to Canada’s rapid rise as one of the world’s most thriving regions for life science companies. The companies participating at BIO Digital's Canadian Pavilion demonstrate the rich heritage Canada has in this industry as well as the strength and diversity of the country's life science ecosystem.
2020 proved to be a hugely significant year both in terms of life saving innovation and economic recovery and that momentum has continued in 2021. The strong foundation and tools already in place in Canada allowed industry innovators to go above and beyond in tackling the challenge of COVID-19 over the last year. This was evidenced by successes in research, vaccine development and therapeutics, as well as supporting technologies in digital health such as remote patient care. The increasing momentum of the Canadian ecosystem was made possible by record public and private support, with the Canadian government making several strategic investments including $59.2 million to the University of Saskatchewan’s (USask) Vaccine and Infectious Disease Organization (VIDO), as well as promising COVID-focused advances from Canadian companies such as AbCellera, Edesa Biotech, VBI Vaccines, Precision NanoSystems (PNI), VIDO InterVac, Medicago, and IMV Inc. In fact, the three largest biotech IPOs in Canadian history occurred in 2020 with Fusion, Repare, and Abcellera all going public, resulting in a collective market capitalization of $6.7 Billion CAD.
“The potential of Canada’s life sciences sector is undeniable. Over the last few years, we have been working with an increasing number of dynamic and innovative firms poised for growth,” said Dr. Serban Georgescu, manager of the Canadian Technology Accelerator (CTA) Program at the Consulate General of Canada in Boston. “Though we can’t be physically together this year, we look forward to similar opportunities for our network of life science innovators to connect with Boston’s biotech hub, leading to collaboration and partnerships for the benefit of all.”
“We always believed in the potential of Canada’s life sciences ecosystem and in 2020 and early 2021 we have really seen the maturation and development of that ecosystem not just in terms of financings and pre-clinical and clinical development progress, but perhaps most importantly in terms of the approval and delivery of products and technologies with the potential to truly impact patient lives not just in Canada, but also around the world. MRNA Covid-19 vaccines that are the path back to a normal life have been enabled by delivery technology from PNI, Abcellera’s product bamlanivimab alone, and more importantly, in combination etesevimab have been authorized under emergency/special use pathways in multiple countries to treat covid-19 in high-risk patients. Also, in January of this year Aurinia Pharmaceuticals’ Lupkynis became the first FDA-approved oral therapy for lupus nephritis. These products are the result of years of work and investment, but they lay an incredible foundation for the rapidly emerging next generation of innovations, innovators and entrepreneurs that are found in Canada’s world-class academic research institutions and hospitals and existing biotech enterprises.” said Peter van der Velden, Managing General Partner of Lumira Ventures. Lumira Ventures has offices both in Boston and Canada, as helped build life sciences companies at all stages of development.
The BIO Convention offers several opportunities to learn more about the momentum coming out of the Canadian life sciences sector, including the following programming:
- June 9, 10 a.m. - 12 p.m. EST : BIONATION : Investing in Canadian Excellence - National Panel
- June 10 & 11 : BIO Innovation Stage, Global Marketplace Showcases and Networking
Over the past five years, Canada’s biotechnology sector has been a key economic success story. The period between 2013-2019 saw a 121% increase in venture capital deals, representing a 300% increase in dollars invested in the industry. With approximately 900 innovative biotechnology companies located in Canada feeding a national network of discovery and development, the sector is a catalyst for long-term economic growth in all regions of the country and helps drive opportunities in big data, genomic applications and artificial intelligence.
The foundation and history of innovation in Canada has seen a renewed energy and acceleration in the past 18-months. As a result of COVID-19 the ecosystem has come together more than ever, and it has strengthened and given new priority to the life-science and biotech industry. We are seeing the next generation of innovators take advantage of this maturing ecosystem.
The Consulate General of Canada in Boston includes representatives from the Canadian Trade Commissioner Service, which is focused on helping Canadian businesses grow by connecting them with funding, support programs and international opportunities. The team of industry specialists work with businesses in New England by making connections to Canada, driving value and innovation to the region.
