Ontario Bioscience Innovation Organization (OBIO)

Ontario Bioscience Innovation Organization (OBIO)

June 14, 2012 08:00 ET

Economic Vision for Human Health Sciences Released by Industry Think Tank

OBIO™ White Paper Calls for Solutions to Make Bioscience Companies Prosper and Stay in Ontario

TORONTO, ONTARIO--(Marketwire - June 14, 2012) - The bioscience industry think tank, Ontario Bioscience Innovation Organization (OBIO), today is releasing the first in a series of white papers outlining an economic vision for the province's human-health sciences industry. Ontario spends $31 billion on education and $0.5 billion on research and development in academic settings, yet little Ontario health research is commercialized here and healthcare budgets are unsustainable.

This OBIO Think Tank report, "Ontario's Human Health Technology and Biosciences Industry - An Economic Vision Document", explores reasons the province's human-health sciences companies and their intellectual property disappear before products can be commercialized and Ontarians and Ontario's economy can reap the rewards. The document also reviews findings and recommendations of recent commissions, expert panels and economic summits.

Acknowledging the need of governments for fiscal sustainability, the white paper argues for the creation of policies that deliver a return on government investment by 'pulling' innovation into the marketplace and encouraging its adoption. Such policies would enable the establishment of a world-leading human-health sciences industry that is competitive, creating both jobs and wealth, while providing solutions to the challenges of rising healthcare costs. The report is available at www.obio.ca.

Gail Garland, President and Chief Executive Officer, Ontario Bioscience Innovation Organization, said: "This is the first in a series of OBIO Think Tank white papers providing thought leadership on developing a commercial pathway to enable health technology and bioscience companies started in Ontario to stay here and grow here. Benefits from advancing healthcare innovation will accrue to all Ontarians."

The OBIO Think Tank Steering Committee includes leaders from industry, academia, financial markets and the hospital sector. Members include, Dr. Cedric Bisson, Venture Partner, Teralys Capital, Montreal; Dr. Robert Haché, Vice President, Research & Innovation, York University, Toronto; Dr. Kenneth Hughes, Vice President, Scientific & Regulatory Affairs, Rx&D, Ottawa; Ms. Melissa Martin, Director, St. Michael's Hospital Foundation, Toronto and Mr. James Milway, Executive Director, The Institute for Competitiveness & Prosperity, Toronto. Dr. Adalsteinn Brown, Chair Public Health Policy Dalla Lana School of Public Health, Scientist Li Ka Shing Knowledge Institute serves as reviewer of Think Tank publications.

About OBIO Think Tank

OBIO Think Tank is an independent, non-profit think tank providing a forum for the exchange of ideas and information between key stakeholders on policies and issues impacting healthcare innovation and bioscience commercialization.

Ontario Bioscience Innovation Organization (OBIO™) is Ontario's leading advocate for the life-science sector. A private sector, membership-based organization, OBIO engages in policy advocacy and government relations activities to enable successful development and commercialization of life-science technology through investment, strategic alliances, stakeholder engagement and industry promotion.

OBIO is supported by Members and Sponsors, among whom are Amgen Canada, AstraZeneca Canada, BDC, Eli Lilly Canada, Gowlings LLP, HealthComm, Medtronic, Merck, Miller Thomson, Norton Rose LLP, Novartis Canada, Pfizer Canada, PricewaterhouseCoopers, Purdue Pharma Canada, RBC Royal Bank, Rx&D, Sanofi Canada.

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