This is the first industry survey completed by the Life Science Association of Manitoba. As a baseline, it will?provide us with a sense of size and scope of the life science industry.
The life science industry continues to evolve and grow with the survey participants comprising not only ?the traditional life sciences - health technology and medical device sectors but also industrial biotech,? functional foods and nutraceuticals and agricultural biotech sectors.
The life science industry directly employs over 7,700 individuals consisting largely of highly qualified? personnel (41% having a bachelor degree or higher level of education), generates more than $800 million ?in annual revenues and invests more than $52 million in research and development. Despite the fact that? a large percentage of Manitoba life science companies are pre-revenue, this industry contributes more than ?$1 billion directly to the Manitoba economy.
The industry is in its infancy with 41% of the 71 respondents being in existence for 10 years or less, with a ?significant proportion of businesses still in the pre-commercialization phase. As the industry grows,? it faces many challenges to reach commercial success.
Please read the entire report here.