The Canadian Stem Cell Foundation commends the federal government for committing to invest in innovation “superclusters” and for identifying the stem cell/regenerative medicine sector as an area where Canada can excel.
“We consider today’s budget announcement to be a step forward for the stem cell sector in Canada – an industry that is helping to shape our innovation economy,” said James Price, President and CEO of the Canadian Stem Cell Foundation.
The government’s commitment to invest $950 million in business-led innovation superclusters with the greatest potential to accelerate economic growth mirrors the approach taken by the Canadian Stem Cell Foundation in championing the Canadian Stem Cell Strategy. The Strategy is business led and calls for two-thirds of the total investment to be funded by the private sector, with one-third from government.
“The Canadian Stem Cell Strategy will generate more than $1 billion in private and philanthropic investments over its decade-long life, much of which has already been pledged,” Mr. Price said. “It is built to deliver 10 new therapies to the clinic within 10 years, create 12,000 jobs and position Canada as a global leader in the field.”
The supercluster initiative will launch a competition for funds this year with a focus on six “highly innovative industries” including health and bio-sciences. The recommendation comes after the Advisory Council on Economic Development noted that Canada’s “world-class regenerative medicine and stem cell therapy development” could unlock innovation and drive economic growth.
The Canadian Stem Cell Foundation, which has been calling on the federal government to implement the proposed national strategy, looks forward to working with its partners to answer the call for business-led innovation superclusters to advance stem cell therapies to save lives and grow the economy.
“Canada produces some of the best stem cell research in the world,” said Mr. Price. “We must now translate our research into commercial success.”