|

Ontario Supporting Innovation in Growing Life Sciences Sector

August 21, 2023

Ontario Supporting Innovation in Growing Life Sciences Sector

$9.7 million in funding helping the Ontario Bioscience Innovation Organization bring new technologies to market

The Ontario government is investing up to $9.7 million to support a project by the Ontario Bioscience Innovation Organization (OBIO) that will help Ontario companies in the life sciences sector adopt and develop critical technologies, such as 5G, ethical artificial intelligence (AI), blockchain, cybersecurity, quantum and robotics. These critical technologies will improve the sector’s competitiveness worldwide and ensure that Ontario remains a leader in life sciences innovation.

“More and more, we’re seeing the impact that critical technologies have on improving competitiveness, fueling innovation and driving economic growth in sectors like the life sciences,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “OBIO’s project will help Ontario life science companies develop and access the technologies they need to grow and create good-paying jobs, and our government is proud to support their efforts.”

Vic Fedeli, Minister of Economic Development, Job Creation and Trade

OBIO, a not-for-profit organization representing the life sciences sector, will receive up to $9.7 million through province’s Critical Technology Initiatives program to launch a new Life Sciences Critical Technologies & Commercialization Centre of Excellence. The centre of excellence will work with eight partner organizations to provide small and medium-sized businesses in the life sciences sector with the tools and resources they need to adopt, develop and bring to market critical technologies. Funds will also be used to support 5G living labs – specialty testing environments with 5G infrastructure.

“We are grateful for this new funding, which will enable us to support companies through the adoption, development and commercialization of critical technologies, a key driver for the Ontario life sciences sector,” said Maura Campbell, President and CEO of OBIO. “We look forward to working with our partners to launch the Life Sciences Critical Technologies & Commercialization Centre of Excellence, ensuring that Ontario-made technology companies are supported in the province to become international market leaders.”

Maura Campbell, President and CEO of OBIO

The province’s $107 million Critical Technology Initiatives funding supports programs led by not-for-profit organizations that will accelerate the use of critical technologies by Ontario companies and enable the development and adoption of innovative made-in-Ontario solutions. Critical technologies will help Ontario companies increase productivity, open new revenue streams, create highly skilled jobs and enhance global competitiveness.

Quick Facts

  • Ontario has one of the largest information and communications technology (ICT) sectors in North America and is home to over 400,000 ICT workers. Ontario’s technology sector is centred around the Toronto, Waterloo and Ottawa regions.
  • Ontario’s life sciences sector includes domestic and multinational companies, start-ups, scale-ups, hospitals, research centres, universities, technology incubators, and scientists. The health and life sciences sectors employ more than 70,000 people across 1,900 firms in Ontario.
  • OBIO is a membership-based organization engaged in strategy, programming, policy development and advocacy to further the commercialization of Ontario’s life sciences companies.
  • AI, 5G and quantum technologies are expected to contribute $29 trillion to the global economy by 2035.

Quotes

“Our government continues to invest in Ontario’s emerging life sciences sector and leverage the innovation happening right here in our province. By supporting this growing and leading industry, the outcomes will pay dividends to Ontarians and our healthcare system for years to come. “

– Sylvia Jones
Deputy Premier and Minister of Health

Additional Resources

Critical Technology InitiativesOntario Biosciences Innovation Organization

Source

Related Story

Ontario Supporting More Innovation in Growing Tech Sector

The Ontario government is investing up to $77 million in two projects to help Ontario companies adopt, develop and bring to market critical technologies, such as 5G, ethical artificial intelligence (AI), blockchain, cybersecurity and robotics. The new funding, announced during the Collision Conference in Toronto, will support the Vector Institute for Artificial Intelligence and the Ontario Centre of Innovation (OCI).

Related Articles


Latest Articles

  • Guide to Synchronous Serial Interface (SSI) in Industrial Applications

    Guide to Synchronous Serial Interface (SSI) in Industrial Applications

    April 15, 2024 Synchronous Serial Interface (SSI) technology is a cornerstone in the realm of digital communication, particularly for conveying position and speed feedback from encoders in both rotary and linear forms. Known for its precision and resilience to noise interference, SSI plays a pivotal role in applications demanding high accuracy, such as in CNC… Read More…

  • Omron’ Advanced Safety Services 101

    Omron Offers Advanced Safety Services – What You May Not Know Yet April 10, 2024 In any industrial setting, safety is of the utmost importance. Omron Offers Advanced Safety Services to help you and your staff navigate the challenges of complex industry standards and compliance regulations. They also can provide machine safety technology to protect… Read More…


Featured Article

Revolutionizing Material Movement with Autonomous Mobile Robots

Revolutionizing Material Movement with Autonomous Mobile Robots

In today’s fast-paced manufacturing and logistics industries, the need for efficient and flexible material movement solutions has never been greater. Traditional methods like conveyor systems, forklifts, and manual pushcarts have served us well, but they come with limitations.

That’s why Omron is thrilled to announce the launch of their game-changing MD Series of Autonomous Mobile Robots (AMRs). Read more


Products

  • MDA Space Awarded $250m Contract Extension to Support Robotics Operations on the International Space Station

    April 18, 2024 Engineering and operations services contract extension includes new scope for MDA Space to provide robotics flight controllers MDA Space (TSX:MDA), a trusted mission partner to the rapidly expanding global space industry, today announced it has received a $250 million contract extension from the Canadian Space Agency (CSA) to continue supporting robotics operations… Read More…

  • Introducing SEW-Eurodrive’s QR Codes

    April 18, 2024 Access product support in a flash Scan QR Codes even while your Drives are Running. To continually improve efficiency in SEW-Eurodrive’s products and how they deliver their services, they are pleased to introduce their QR code Product Support and Specifications App. Starting this year, each new SEW-Eurodrive Product leaving assembly will be… Read More…