Industry Minister James Moore Celebrates Closer Canada-Israel Research Ties

OTTAWA, ONTARIO--(Marketwired - Oct. 20, 2014) - Industry Minister James Moore today toured a new facility at the Peter Munk Cardiac Centre that is central to a joint project with Technion university, based in Haifa, Israel, and that is working to develop new cardiac medical devices that could help improve the well-being of Canadian heart patients.

This important partnership will give Canadian and Israeli researchers and entrepreneurs the chance to take their valuable intellectual property and develop new products and services for the market. It will see Technion develop new cardiac medical devices, with the Munk Cardiac Centre conducting the testing on those devices, with the eventual goal of manufacturing these devices in both Canada and Israel.

This collaboration is an example of the kinds of work encouraged by the new Strategic Partnership agreement between Canada and Israel, announced in January by Prime Minister Harper, which committed to closer ties between the two countries on a number of high-profile issues, including scientific research.

The medical device sector is an emerging sector in the Canadian economy. It offers many great opportunities for new research, innovation and commercialization.

Quick facts

• First opened in 1997, the Peter Munk Cardiac Centre has become Canada's premier cardiac centre. Each year, approximately 55,000 patients receive care.
• In 2013, Canada imported close to $7.2 billion in medical devices and exported more than $2.0 billion.
• The government is investing in innovation in manufacturing through initiatives such as the Advanced Manufacturing Fund and the Technology Demonstration Program.
• In support of Canadian manufacturing, the government has negotiated trade agreements that will expand market opportunities and create jobs. It has also eliminated tariffs on machinery and equipment and renewed the accelerated capital cost allowance in 2013, which will give $1.4 billion in additional support to Canadian manufacturers that invest in machinery and equipment.
• The government is focused on establishing the right conditions for success, lowering taxes, cutting the corporate tax rate from over 22 percent in 2007 to 15 percent today and removing the federal capital tax.

Quotes

"It is a great privilege to tour this impressive facility. The work being done here at the Peter Munk Cardiac Centre is at the leading edge of heart research, and the partnership with Technion university in Israel is a demonstration of the importance of stronger collaboration in order to make discoveries faster to get to markets sooner. I commend both organizations for their ground-breaking work, and I look forward to seeing their product on the market and improving the lives of Canadian and Israeli heart patients in the near future."

- James Moore, Minister of Industry

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