Quebec will support Quebec's biotechnology industry by investing $ 122.8 million for three years.

The  Minister of Economic Development Clement Gignac made this announcement today at the BioContact taking place in Quebec City, along with Health Minister Yves Bolduc. Quebec's investment will focus on research and innovation, biotechnology companies, pharmaceutical companies, the workforce and promoting the image of the Quebec industry worldwide.
 

Fifty million will be allocated to the development of bioscience companies, the research and development budget will increase of $39 million - including $ 30million which will go to Genome Quebec - $31 million will support the biotech companies, $2.5 million will be allocated to promoting international and 320 000 of which aimed at attracting foreign students and researchers. "We want Quebec to be recognized as a great place for any international biopharmaceutical project," Clement said. Mr. Bolduc, expressed confidence that the investment "will allow Quebec to remain a leading player in the biopharmaceutical industry in Canada. » "

The government went to one of the recommendations of BIOQuebec, allowing businesses to these areas to submit tax returns for three months.  The measure will allow them to receive more cash, by receiving funding for their tax credits on a quarterly basis. The organization for biotechnology companies and life sciences in Quebec welcomed the news as well as many companies and the associations of the industry.

Hugh O'Neill, President and CEO of Sanofi-Aventis Canada (SNY) said  at the beginning of the year that "70% of biotechnology companies reported that they had not enough capital to survive a year. » However, the financial problems of the industry do not come from the last financial crisis that erupted a year ago, according to Martin Godboud, president of BioContact. "The crisis in the biopharmaceutical sector appeared since 2006," he said.

Dawn Graham, President of Merck Frosst Canada (MCK),welcomed the fact that investment in Quebec "focuses on patient access to innovative medicines. » 145 companies employ 21,000 people in the biotechnology sector in Quebec.

Source : www.canoe.ca 08/10/2009