LIFE SCIENCES ONTARIO APPLAUDS THE ONTARIO GOVERNMENT’S INVESTMENT OF $146 MILLION INTO THE NEXT PHASE OF THE LIFE SCIENCES STRATEGY

Toronto, October 15, 2024 – Life Sciences Ontario (LSO) is excited to support Phase 2 of the Ontario government’s Life Sciences Strategy, which includes a significant investment of $146 million aimed at establishing Ontario as a global biomanufacturing and life sciences hub. This next phase will enhance the collaboration between the government and the life sciences sector, further strengthening Ontario’s position as a global leader.

“The Phase 2 of Ontario’s Life Sciences Strategy is the result of a strengthening partnership between the Ontario government and the life sciences sector,” said Jason Field, President and CEO of Life Sciences Ontario. “The province should be commended for taking an all-of-government approach to develop this strategy and for continuing to engage the sector through the life sciences council. This ongoing engagement will ensure the strategy will continue to evolve to meet the needs of the sector so Ontario can remain globally competitive in life sciences.”

The next phase of the life sciences strategy includes significant investments in:

• Up to $46 million for the Ontario Biosciences Research Infrastructure Fund, to help boost research capacity at postsecondary institutions and affiliated research hospitals.
• $15 million for a new wet labs program to reduce the time and barriers companies face when looking to access lab spaces, and $5 million for Clinical Trials Ontario’s QuickSTART Initiative to speed up health trials.
• $24 million for a new Life Sciences Scale-Up Fund (LSSUF) to help Ontario companies expand production capacity and prepare them for new procurement opportunities in Ontario and beyond. The LSSUF will act in tandem with the $12 million Health Technology Accelerator Fund (HTAF), announced in the 2024 Budget, providing opportunities for innovators, including Ontario companies, to partner with local health care service providers.
• An additional $40 million from the Venture Ontario Fund to invest in venture capital funds that will help Ontario-based life sciences companies and biomanufacturers innovate and grow.
• Launch of new Health Innovation Pathway, designed to streamline and simplify access for health care organizations to adopt transformative technologies with a priority placed on supporting Ontario-based innovations.

To read the full release click here.

To learn more about phase 2, click here.

For more information, contact: Charlini Nicholapillai Charlini@lifesciencesontario.ca