Biopharma Expansion in Charlottetown
Anchoring Atlantic Canada’s Place as a World-Leader in Pharma-Manufacturing
Canadians have made countless medical discoveries that have saved lives and improved the quality of life for hundreds of millions of people around the world: insulin, the first pacemaker, transplantable stem cells, and the discovery of T-cell receptors used in cancer research to name a few. That long tradition continues with the Government of Canada investing in cutting-edge research to pave the way for new medical breakthroughs, making medical treatments better and more effective by investing $37.5 million in BioVectra, a Charlottetown-based biotech company that manufactures pharmaceutical products used the treatment of serious illnesses, including cancer, kidney disease, cardiovascular disease and multiple sclerosis.
The funding, part of the company’s $144.6 million project to expand facilities in Charlottetown, PEI and Windsor, NS, will increase production capacity and support research and development of advanced pharmaceutical products not currently manufactured in Canada. Investments such as this not only anchor Canada’s position as a world-leader in bio-manufacturing and Life Sciences, but it also helps attract international investors to Canada, drives innovation, and also improves collaboration with Canadian universities, colleges and research institutions.
“Our government is investing in BioVectra’s project for more environmentally friendly pharmaceutical manufacturing that will drive innovation in the biologics industry for years to come,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. “This project demonstrates the growing potential of Atlantic Canada’s biotechnology cluster to be a world leader.”
Canada’s Life Sciences sector represents approximately 4,258 Life Sciences and Bio-pharma businesses, accounting for over $7.8 billion in GDP, $13 billion in exports and $1.9 billion in research.
During the announcement, Canadian Prime Minister, Justin Trudeau noted that innovation doesn’t just happen in Canada’s largest urban centres, indeed, innovation happens from coast to coast across Canada. The world’s second-highest number of bio-tech companies are concentrated in Canada and the 10th largest market for pharmaceutical sales, it is Canada’s infrastructure, talent and ready access to key markets that helps draw the world’s largest Life Sciences companies here.
The BioVectra announcement bodes well for Charlottetown, which already has a reputation has a welcoming, safe destination to host international events. Expanding its intellectual capital provides even more opportunity for its growing meetings and conventions industry.