THE STATE OF CANADIAN BIOTECHNOLOGY FALL 2024
CANADIAN BIOTECHOLOGY LABOUR DAY 2024
The Canadian biotech industry is growing and employment figures are expected to grow the most in the bio-health sector and the bio-industrial sector. Indeed, respectively, these two branches of biotech have an expected job growth of 6.8% and 4.3%.
The Canadian biotechnology industry counts around 12,000 biotech organizations that employ over 200,000 people and the number is growing year-on-year. Indeed, it is expected that 65,000 new jobs within the industry will be created by 2029. With such growth, Canada is going to need a skilled workforce in the future. Universities and research institutions across the country play a pivotal role in this innovation, serving as incubators for new ideas and technologies.
Canadian biotechnology industry is growing year-on-year and employs over 200,000 people. 83% of Canadian biotechnology companies have less than five employees.
Over half of the biotechnology companies in Canada have an annual gross revenue of less than $1 million.
More than 50% of Canadian biotechnology companies focus on bio-health as their primary sub-sector.
Almost 7/10 of biotechnology companies in Canada conduct research and development.
Over 50% of Canada’s biotechnology industry is in Ontario and Quebec.
Almost 70% of Canadian biotechnology companies started less than 20 years ago.
90% of biotechnology jobs are found in Ontario, Quebec, and Western Canada.
Over 60% of the biotechnology employees are men.
Almost 90% of biotechnology employers consider problem-solving skills a key skill in potential employees.
STRONG INVESTMENT CLIMATE
Investment in Canada’s biotech sector has seen a notable increase in recent years. Both domestic and international investors are recognizing the potential within this industry, leading to a surge in funding for research and development.
The Canadian government has also been instrumental in supporting biotech through various grants, tax incentives, and funding programs, further solidifying the country’s position as a leader in biotechnology.
On July 9, 2024 the Government of Canada announced the construction of a brand new good manufacturing practices (GMP) biomanufacturing facility where STEMCELL Technologies can now manufacture products at the higher regulatory compliance standard required to support clinical trials for cell therapy, tissue engineering, immunotherapy, gene therapy and regenerative medicine, with the ultimate aim of curing cancer and other serious diseases. With the completion of this project, STEMCELL Technologies created more than 1,000 new full-time jobs in British Columbia, far exceeding the project’s target of 675.
LOOKING AHEAD
The future of the biotech industry in Canada looks promising. With ongoing investments, a strong foundation of research and innovation, and increasing global collaboration, Canada is well-positioned to be a leader in biotechnology. The sector’s growth will not only contribute to the economy but also improve the health and well-being of people worldwide.
