News & Media

New Federal Budget

News Release
Innovative Biotechnology Leaders Welcome The Federal Budget Announcements For New Investments

March 30, 2012 (OTTAWA, ON)

Canada’s biotech industry was pleased to see the proposed $400 million to support creation of new large scale VC funds, $100 million for the Business Development Bank of Canada for VC activities, and theIndustrial Research Assistance Program being doubled to $110 annually. Creating these incentives will facilitate investment into Canada’s emerging biotech industry. “Canadian biotech companies continue to grow a competitive new economy built on entrenched longevity of success and the increased benefits of investing in homegrown innovations,” commented Peter Brenders President & CEO BIOTECanada. “We look forward to working with the federal government on upcoming initiatives including streamlined administration at the Canada Revenue Agency on
SR&ED applications.” As was anticipated, the budget announcement cites changes to federal programs
growing business innovation. As we requested, the biotech industry was pleased to see SR&ED remains based on more than labour costs and the refundability rate remains at 35 percent. SR&ED is an important tool for domestic research and development spending.
Biotechnology matters.

Our firms generate over a billion dollars a year in R&D activity in Canada. Biotech is a driver for economic growth valued at $86.5 billion and supporting over 1 million Canadian jobs.

About BIOTECanada
BIOTECanada is dedicated to the sustainable commercial development of biotechnology innovation in Canada. It is the national industry-funded association with over 250 member companies representing the broad spectrum of biotech constituents including emerging and established firms in the health, industrial, and agricultural sectors, as well as academic and research institutions and other related organizations.

Nadine Lunt
613-230-5585 x257


Latest News

Subscribe to the BAM Newsletter

Sign up for one of BAM's newsletter to learn more about bioscience, happenings in Manitoba's bioeconomy, industry conferences, and BAM training events.