OTTAWA, March 21 /CNW Telbec/ - Canada's biotechnology industry cites
positive developments in reviewing the federal budget released on Monday.
"Resolving the long standing issue of tax fairness under the Canada-US
Tax Treaty has been our number one priority for the biotechnology industry.
To see this settled is a major accomplishment for the investment climate in
Canada and our international colleagues will take notice," said
Peter Brenders, President & CEO, BIOTECanada.
"The Canadian biotechnology industry was pleased to see the overall
commitments introduced in the budget to benefit from the potential of a
knowledge-based economy. Particularly the $300 million investment in vaccines
to prevent cancer, the intention to change the Scientific Research and
Experimental Development tax credit, the tax deduction for donations of
medicines, the $2 billion dollar investment in new renewable sources of energy
and the ongoing investment to research institutions. Innovative industries in
Canada need an environment that attracts investment and supports continued
research and development in the public and private sectors. Budget 2007 can
offer our industry a boost," he said.
Biotechnology continues to impact innovations in health care, the
environment, agriculture and energy. Research and development in the sector is
approaching $2 billion annually, with the majority of Canadian companies
having fewer than 50 employees and no revenues.
"Canada has established global leadership in biotechnology discovery and
development over the past 20 years. With more than 500 companies, our industry
contributes more than 12% of the total research and development spending in
Canada. We are increasingly susceptible to international competitors
establishing strong research and financial commitments to developing
biotechnology but directions offered by the government will help build
Canada's advantage," he said.
This government throughout the past year recognized it can play an
important role in the ever growing competitive marketplace of innovative
companies. "Canadians expect to realize the potential of their home grown
research. The federal government is helping to close the widening gap between
early discovery and realizing commercialized products. We look forward to
further working with this government's outline of a Science and Technology
strategy," continued Brenders.
BIOTECanada is dedicated to the sustainable commercial development of
biotechnology innovation in Canada. It is the national association with almost
200 members, representing the broad spectrum of biotech constituents including
emerging and established companies in the health, agricultural, and industrial
sectors, as well as academic and research institutions and other related
For further information:
For further information: please contact: Cate McCready, BIOTECanada,
(613) 230-5585 ext 230