Government of Canada investing in $20-million project to launch integrated market
MARKHAM, ON, Aug. 29, 2019 /CNW/ - The Honourable Mary Ng, Minister of Small Business and Export Promotion, participated in a panel discussion on Accelerating Ontario and Canada's Life Sciences
The CAN Health Network is an integrated market that will allow promising companies to work directly with health care organizations to understand their needs and commercialize health technologies to meet those needs and scale up their companies. Through this integrated market, small and medium-sized enterprises (SME) and leading start-ups will be able to work with early adopter institutions to collaboratively research, develop and refine Canadian medical technologies to make them market-ready.
With procurement often identified as both a barrier and an opportunity, the CAN Health Network builds directly on the recommendations of the Health and Biosciences Economic Strategy Table to accelerate innovation adoption through new innovation procurement models.
Health care spending in Canada reached $253 billion in 2018—11% of the country's GDP—and the international market for medical technologies alone is estimated at $500 billion annually. With market opportunities of this magnitude, the global health technology sector is growing rapidly in Canada and around the world, and the CAN Health Network will position Canadian companies for success.
This investment will build the first points of the national network in western Canada and Ontario, with further expansion planned for Quebec, Atlantic Canada and northern Canada. The success of this initial investment will guide future funding decisions.
By harnessing this economic opportunity with leading-edge SMEs and scale-ups, the Government of Canada will build Canadian leadership in health care technologies, creating global companies that anchor thousands of middle-class jobs here in Canada.
"Our government is making investments to scale up companies and create good jobs for Canadians. The integrated market is an innovative approach supporting technology development and business growth. Through easy access to a large, consolidated domestic marketplace, companies will scale up and be anchored in Canada, commercializing technologies that can be exported around the world." – The Honourable Mary Ng, Minister of Small Business and Export Promotion
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