Canada's Potential For Biotechnology Sector

6 February 1995

The US biotechnology industry could find Canada a good place to set up shop, the third annual Pacific Northwest Biotechnology Exposition has heard. Western Canada is already a jumping-off spot for Asia for some biotechnology firms, said Jere Dabbs, US trade Consul in Vancouver, and it was noted that these firms could also find other biotechnology firms there to acquire or partner, plus venture capital that has dried up at home, new markets and regulatory relief. As the base for multinational subsidiaries, Canada is also a possible path into Europe.

Canada is making changes to its laws, with a new 35% R&D tax credit making companies there good partners. Canada's Secretary of State for Science, Research and Development, Jon Gerrard, said the intellectual infrastructure is already in place for US and other foreign investors, and this year the drug approval process is to be reformed and speeded up, from a length now rivaling that of the USA.

The lengthy approval process is one reason some firms still see Canada as a secondary market and focus directly on Asia. The weakened Canadian dollar has made it less appealing for firms to export there, but the chief financial officer of Receptagen, Warren Wheeler, said its holding company and the Canadian distributor it owns, VWD Distributors, do all their business in Canadian dollars, losing the risk of currency fluctuation. As long as US firms source their Canadian products in Canadian dollars, the weak currency should have little impact, he said.

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