HALIFAX, April 21, 2016 — On Tuesday the Nova Scotia government tabled its 2016-17 Budget with a surplus of $17.1 million and a commitment to work collaboratively with industries with big potential in the province. As part of the Budget address, the province called for a collaborative approach model to boost the economy.
“This government understands that we cannot solve our economic problems alone. We need to work together to create a stronger economy, a stronger Nova Scotia,..” stated the- Hon. Randy Delorey, Minister of Finance as part of Budget 2016-2017
The life sciences industry in Nova Scotia has indicated it is ready to work with government and is poised as a growth facilitator for the province’s future economic and social prosperity. Generating nearly $300 million in revenues for the province and exporting up to 90% of products, the sector offers a strong and sustainable economic strategy.
“With further support from the province for the life sciences community to develop their ideas, commercialize their technologies and build links within the region and internationally we will continue to be a wealth generator for the province,” said Scott Moffitt, Managing Director of BioNova, the life science industry association.
The industry has also been fostering valuable collaborative relationships with national associations such as Innovative Medicines Canada to accelerate the development of local pharmaceutical companies, as evidenced by the recent signing of a memorandum of understanding to enhance Nova Scotia’s medical technology portfolio.
In recent years, the local life sciences industry has also seen a significant increase in innovation and potential coming from Nova Scotia companies. Immunovaccine Inc. is a good example of this, with a greater than $60 million market cap and a new CEO focused on industry collaborations to continue down the path of growth. The $540 million acquisition of Nova Scotia-based Ocean Nutrition Canada by Royal DSM, a global life science and material sciences company, is another example of growth in the sector.
“It’s easy to imagine what more growth in this sector could lead to for Nova Scotians. We look forward to building strong links with the Government of Nova Scotia to further innovation in Nova Scotia’s life sciences sector,” said Russell Williams, President of Innovative Medicines Canada.
BioNova is Nova Scotia’s life sciences industry association and sector development organization. BioNova leads and supports its members as we build a successful, self-sustaining life sciences industry in Nova Scotia. By promoting the industry and its successes, building relationships both inside and outside the province and creating networking and educational opportunities BioNova aims to accelerate the commercialization success of Nova Scotia’s life sciences businesses and organizations.
ABOUT INNOVATIVE MEDICINES CANADA
Innovative Medicines Canada is the national voice of Canada’s innovative pharmaceutical industry. We advocate for policies that enable the discovery, development and commercialization of innovative medicines and vaccines that improve the lives of all Canadians. We support our members’ commitment to being valued partners in the Canadian healthcare system.
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For further information:
Marketing & Communications Officer, BioNova
Telephone: 902-421-5705 ext. 2
Media Relations, Innovative Medicines Canada