Ontario Bioscience Innovation Organization Secures Funding for Business Development Skills Program to Support Canadian Health Science Companies

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Revolutionary program will present crucial capabilities and assist speed up international scaling of Canadian sector

TORONTO — The COVID-19 pandemic has spotlighted the necessity for progressive coaching options to fulfill the elevated demand for highly-skilled enterprise growth professionals within the well being science trade. At present, Ontario Bioscience Innovation Group (OBIO) is happy to announce the launch of its Enterprise Improvement Abilities Program, with a $5.25 million funding from the Ministry of Labour and the Abilities Improvement Fund, to deal with these workforce challenges and assist entry funding that accelerates the expansion of well being sciences corporations within the province.

“Profitable fundraising is crucial for well being science corporations to develop their enterprise and create – and hold – new jobs in Ontario,” says Gail Garland, CEO, OBIO. “As these corporations elevate funding capital, they transfer additional alongside the mental property commercialization pathway, with the power to develop operations and add expert staff that may assist them attain their subsequent development goal.”

In response to a survey performed final yr by OBIO of greater than 250 employers in Ontario’s well being science trade, 83 per cent of trade leaders say entry to financing needs to be a precedence focus to hurry up alternatives for well being science corporations to succeed. But discovering highly-qualified enterprise growth professionals which have the required specialised expertise to drive profitable funding is a significant problem, with half (54 per cent) of trade leaders and supervisors saying they incessantly face difficulties when hiring individuals into these roles. This expertise hole will proceed to jeopardize the tempo of development of well being science corporations throughout – and after – the pandemic.

“The challenges of the final yr have proven us how vital it’s to maintain our homegrown well being science expertise right here,” says Monte McNaughton, Minister of Labour, Coaching and Abilities Improvement. “OBIO’s program will transfer us one step nearer to that objective, in order that progressive corporations with contemporary concepts will comprehend it’s attainable to develop and thrive in our province. This sector is filled with potential, and with this specialised coaching and mentorship, I consider we’ve got what it takes to be a frontrunner.”

In truth, a current Nanos ballot performed on behalf of OBIO revealed that almost all (87 per cent) of Canadians help authorities spending for medical innovation and manufacturing in Canada, whereas 74 per cent really feel it’s important that healthcare suppliers in Canada use medical improvements developed right here in Canada.

“Corporations that benefit from OBIO’s Enterprise Improvement Abilities program may have the chance to commercialize their know-how proper right here, in Ontario,” says Maura Campbell, VP Mental Property & Contracts, Turnstone Biologics. “This system will guarantee they’ve entry to the expertise, expertise and help they should fulfill this goal.”

OBIO’s Enterprise Improvement Abilities Program is at present accepting functions and this system will run from June 2021 to March 2022. To use, go to www.obio.ca/bdsp.

About OBIO

The Ontario Bioscience Innovation Group (OBIO^®) based in 2009, is a not-for-profit, membership-based group engaged in technique, programming, coverage growth and advocacy to additional the commercialization of Ontario’s human well being applied sciences positioning Ontario as a frontrunner within the worldwide market. OBIO advances this objective via collaborative partnerships with trade, the funding neighborhood, academia, the well being system and authorities.

For extra info, please go to www.obio.ca and observe OBIO on Twitter @OBIOscience.