Half of Canada's biotech firms "planning to move off-shore"

A joint report published by industry group BIOTECanada and management consultants PricewaterhouseCoopers reveals that nearly half of Canada's biotechnology firms are planning to move part or all of their businesses outside the country. According to the Canadian Life Sciences Industry Forecast 2006, "Canada stands to lose almost half of its life science and biotech companies if a more sustainable business environment is not established. We need to do better for Canadians," said Peter Brenders, chief executive of BIOTECanada.

Mr Brenders told Canadian newspaper the National Post: "when we see 48% of companies looking to move all or part of their companies outside Canada, it raises an alarm. I think we can do better and I think this is a wake-up call."

Tax rates, lack of VC, skills shortage