CHARLOTTETOWN, March 4, 2019 /CNW/ - Canadians have made countless medical discoveries that have saved lives and improvedthe quality of life for hundreds of millions of people around the world. The Government of Canada is investing in cutting-edge research and facilities to pave the way for new medical breakthroughs, make medical treatments
The Prime Minister, Justin Trudeau, today announced a $37.5 million investment for BioVectra Inc., a Charlottetown-based biotechnology company that manufactures pharmaceutical products used in the treatment of serious illnesses, including cancer, kidney disease, cardiovascular disease, and multiple sclerosis.
The funding will help BioVectra create over 150 new jobs and maintain 300 more by supporting the company's $144.6 million project to expand its facilities in Charlottetown, Prince Edward Island, and Windsor, Nova Scotia. The project will increase BioVectra's contribution to medicine production capacity and support the research and development of advanced pharmaceutical products not currently manufactured in Canada.
The investment will also help the company improve collaboration with Canadian universities, colleges, and research institutions, establish annual scholarships for women and Indigenous students, and support annual student hiring in the pharmaceutical industry in Canada.
Investments like this anchor Canada's position as a leader in biomanufacturing and life sciences, attract international investors to Canada, and help drive innovation while creating good, well-paying jobs for Canadians.
"Thanks to innovations in life sciences, Canadians are living longer, healthier lives than ever before. Canadian companies like BioVectra are creating new jobs and establishing themselves as global leaders in producing lifesaving treatments for serious illnesses that affect millions of people around the world. Today, we are not only investing in an innovative Canadian business, but also in Canadians and the future prosperity of our country."—The Rt. Hon. Justin Trudeau, Prime Minister of Canada
"Our government is investing in BioVectra's project for more environmentally friendly pharmaceutical manufacturing that will drive innovation in the biologics industry for years to come. Together we're helping BioVectra to scale up and create well-paying jobs right here on Prince Edward Island and in Nova Scotia. This project demonstrates the growing potential of Atlantic Canada's biotechnology cluster to be a world leader." – The Hon. Navdeep Bains, Minister of Innovation, Science and Economic Development
This document is also available at https://pm.gc.ca/
SOURCE Prime Minister's Office
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