As I listened to the biotech, health and medical experts at a meeting I put together at the Granite Club, I realized there are structural issues our government needs to get fixed. It is becoming evident that Canada is playing checkers, while the US and others are playing chess. As I keep saying, pure business competing against pure business is over as China and the US already know.
Our government action is key to future success and innovation.
Thank you to Kathryn Simpson, formerly GalxoSmithKlein, who sent me an article supporting the issue that Biotech is needing support from the government. Mark Lievonen, Sanofi Pasteur, says that Canada is just not giving business the support enjoyed in other countries. Come on, Tony Clement http://twitter.com/#!/TonyClement_MP, spend some time on this industry. Let's look at what The Sun says:
Our government action is key to future success and innovation.
Thank you to Kathryn Simpson, formerly GalxoSmithKlein, who sent me an article supporting the issue that Biotech is needing support from the government. Mark Lievonen, Sanofi Pasteur, says that Canada is just not giving business the support enjoyed in other countries. Come on, Tony Clement http://twitter.com/#!/TonyClement_MP, spend some time on this industry. Let's look at what The Sun says:
Canada needs to cut red tape and give more support to its biotech companies or risk losing billions of dollars in investment — and related expertise — to other markets, said Mark Lievonen president of Sanofi Pasteur.
Weak patent protection, lack of access to financing and more attractive tax and investment regimes elsewhere are all posing a risk to the sector here, said Lievonen, whose company helped develop vaccines for diptheria and polio and commercialize insulin.
Investment capital in technology based industries has dropped to the lowest level in 13 years, according to the Canadian Venture Capital Association, while Ernst & Young estimates the number of operational biotech companies here has fallen by a fifth because of lack of access to capital.
Companies are also failing to capitalize on their research by successfully bringing their products to market, Lievonen said.
“We need to create some success stories,” he said in an interview after an Economic Club of Canada lunch in Toronto. “We need to create and support our own winners and ensure investors get a decent return.” Read more:
