By Jasmeet Duggal
With seven billion people on the earth it is no doubt that there has been a shift in demographics and healthcare needs of the population. The current model of spending and run away healthcare costs puts the sustainability of the system into question. The landscape of the industry responsible for
delivering innovative for patients is undergoing drastic change as well. Large innovation gaps, patent expiration, and geographic shifts of research and development (R&D) are just some of challenges faced by the sector.
A repositioning of the Canada’s biotechnology landscape is needed to ensure success. Ken Galbaraith, General Partners, shared five insight into what it will take to get back to the future of medicines at last week’s MaRS Conference:
- Eliminate development failure.
- High payout ratios.
- Concentrate on additional therapeutic areas.
- Externalize early R&D by collaborating with other institutions.
- Outsource late stage development and commercial capabilities.
Ken emphasized that the challenges faced by this sector are best met with centers of excellences, not national strategies. Ontario is well positioned to support the industry in this regard with the delivery of programs and services under the ONE model to support entrepreneurial scientists. Mississauga also has a strong commitment to partnership with several offerings:
– biomedical cluster that allows for collaboration and sharing of resources
– supportive tax and business environment
– outstanding university and college programs
– access to highly educated workforce
A support infrastructure is necessary to translate research into innovative medicines for the consumer. With a strong vision and commitment to partnership, Canada has allocated the resources needed to revive the biotechnology sector.
Jasmeet is graduate student pursuing her final year in the Master of Biotechnology program at the University of Toronto Mississauga. She is currently the Communications Officer for the Altitude Accelerator, a role which has allowed her to engage in the startup culture and entrepreneurship. In her future endeavors, Jasmeet hopes to pursue a career in business development in the life sciences.
The 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.
