A recent article in the Huffington Post Canada stated that Halifax will see some of the largest economic growth this year and next, coming in third after Vancouver and Toronto according to the Conference Board of Canada who makes the economic forecast.
It is not often that Atlantic Canadian cities rank near the top and the article credits the city’s shipbuilding activity which is expected to keep the city on an upward track through 2017.
The board also stated in its report that: “Halifax continues to reap the benefits of a diverse economy, as most sectors are expected to contribute positively to growth this year and next.”
I believe one of those sectors will continue to be the life sciences, which is now a little bit of a “well-kept secret” to the broader community but those within it knows its strengths. Recent research by Entrevestor shows that twice as many life sciences companies formed in the past year than in the year before and already established companies have grown in leaps in bounds.
Generating $300 million in revenues for the province and exporting up to 90% of products, the sector offers a strong and sustainable economic strategy. The industry has also been fostering valuable collaborative relationships with BioNova signing Memorandum’s of Understanding with two national associations, Innovative Medicines Canada to accelerate the development of local pharmaceutical companies and MEDEC to leverage our regional strengths in medical technologies.
BioNova, as the leader for development in the sector, recognizes the important role it plays in Nova Scotia’s economic growth which is why we are developing and implementing a Strategic Growth Plan that focuses on how we intend to educate, accelerate and lead life sciences to become one of the pillars of Nova Scotia’s economy.
Halifax and Nova Scotia has the infrastructure, the talent and the heart for continued support of a strong and globally competitive life sciences sector and I am certain our time for recognition within the province is not far behind.
All the best,
Managing Director, BioNova