PRZOOM - /newswire/ -
Toronto, Ontario, Canada, 2011/07/08 - Toronto's strong, stable economy and depth of intellectual capital are attracting major investment from the world's leading life sciences companies.
Ranked #2 overall in the recent PricewaterhouseCoopers (PwC) Cities of Opportunity report, the Toronto Region – the centre of Canada’s life sciences industry – is attracting new research and manufacturing investment from the world’s leading life sciences companies. Toronto also ranks second in intellectual capital and innovation according to the PwC report.
Canada’s economy has out-performed other G7 countries and has experienced a solid recovery. The economy has expanded for six consecutive quarters since the third quarter of 2009, fuelled by a strong rebound in consumer and business expenditures. Canada is the only G-7 country to have regained the output lost over the recession and to have posted significant employment growth since June 2009.(1)
“A strong, stable economy and a vibrant research and innovation environment are important considerations when companies make investment decisions,” says Patrick Draper, President & CEO of the Toronto Region Research Alliance (TRRA). “That’s why the Toronto Region is an attractive location for life sciences companies to invest in global R&D and manufacturing operations.”
Talent is another major draw. In addition to the highly-educated and skilled workforce, over 100,000 immigrants from all corners of the world settle in the Toronto Region each year. “The workforce is smart, talented and globally-oriented, ’ says Draper. “They keep their international perspective and connections which is an advantage for global companies.”
Recent investments include:
• Sanofi Pasteur opened its new $CDN 101 million vaccine research and development facility. As the North American Centre of Excellence in analytical and bioprocessing R&D for Sanofi Pasteur globally, Toronto is playing a lead role in advancing Sanofi Pasteur’s global vaccine pipeline. The Government of Ontario invested $ CDN 13.9 million in this project.
• GlaxoSmithKline Canada announced a $ CDN 30 million expansion to its state-of-the-art advanced manufacturing facility. This expansion will help bring new products to market and enable the global supply of the company's dermatological products. The Government of Ontario will invest $ CDN 3.6 million in this expansion project.
• GE Healthcare opened the first global Pathology Innovation Centre of Excellence (PICOE) in Toronto. The centre will give pathologists and clinical partners the resources to accelerate research and development and testing for new digital pathology solutions. The Health Technology Exchange (HTX), an Ontario government agency, invested $ CDN 2.25 million in this $ CDN 17 million project.
For more information about the Toronto Region and the life sciences sector, visit trra.ca/lifesciences
(1) Source: fin.gc.ca/ec2010/efp-pef-03-eng.asp#a6
About Toronto Region Research Alliance (TRRA)
The Toronto Region Research Alliance (TRRA.ca) is a regional economic development organization promoting increased investment in research and innovation to further economic prosperity. TRRA focuses on retaining and growing foreign investment into regional organizations; attracting innovative, research-intensive foreign companies to locate here; promoting enhanced research intensity among regional businesses; and advancing initiatives to strengthen research and innovation capacity. TRRA is a public-private partnership funded by the government of Ontario and is a key partner in delivering Ontario's Innovation Agenda. TRRA also receives financial support from the government of Canada, and a wide range of regional stakeholders from the private and academic sectors.