Canadian Life Sciences Market Thriving

Canadian Life Sciences Market Thriving, Altitude AcceleratorBy: Darcy Bachert

As a technology partner in Canada’s life science industry, Prolucid is always pleased with reports that demonstrate strong activity in this sector.

Universal access to healthcare, an aging population, and spectacular developments in pharmaceutical and medical technologies have together produced a healthcare industry in Canada that’s booming.

Canada’s highly diversified medical device manufacturing and development industry, estimated to be worth about $6.2 billion in 2009, features a productive workforce — more than 35,000- strong. The many innovative firms that employ them specialize in cardiovascular devices, medical imaging, in-vitro diagnostics, dental materials, and assistive devices for home healthcare.

The industry is expected to maintain annual growth rates of between 5% and 6 % over the next five years, reaching $8.6 billion by 2015.Canadian Life Sciences Market Thriving, Altitude Accelerator

Those with an eye on the scene say it’s thriving because Canada’s an extremely competitive place for such innovation to take place. Medical device manufacturing costs are cheaper here than anywhere in the G7, overall corporate tax rates are low and Canada ranks second among OECD countries in tax relief per R&D dollars spent. More than that, our research centers are world class, the Canadian business environment is welcoming (in 2011, the Economist Intelligence Unit rated Canada the number-one place to do business in the G7 for the next five years), the economy is strong and stable, and Canada has an extremely generous Scientific Research and Experimental Development program.

It’s not a field without its challenges. But so many of them — extended wait times, limited access to services and a mounting healthcare financing deficit among them — can be eased with some well-placed technology.

That’s where we come in.

Prolucid helps life science and medical device customers take their technology from early stage research and development through to commercialization with expertise in software, integration, and certification. Many of our clients are start-up companies that require support with project plans, and product guidelines needed to obtain funding. Our past experience allows us to enable this process.

Looking for more information on how Prolucid helps life science and medical device customers? Click here

Reposted from Prolucid Technologies Inc.

Darcy is the Vice President of Operations at Prolucid Technologies Inc. His expertise lies in software design, product development and project management. Since 2001, he has perfected his skills in systems integration and software development.
Canadian Life Sciences Market Thriving, Altitude AcceleratorThe RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal experiences. Visit Altitude Accelerator for more information on how RIC can accelerate your ideas to market.

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