A strategy to accelerate the growth of Prince Edward Island’s bioscience sector over the next five years was unveiled today by the Honourable Joe McGuire, Minister of the Atlantic Canada Opportunities Agency (ACOA); the Honourable Pat Binns, Premier of Prince Edward Island; and the newly formed PEI BioAlliance Inc.
Expansion of the bioscience cluster within the province will focus on two key areas: technologies and products related to bioactive compounds and their application to human, animal and fish health and nutrition, as well as bioproducts which involves converting natural products to value-added products related to energy, materials, non-food crops and environmental sustainability.
“The Government of Canada, through ACOA, supports and has made significant investments to help build the foundation for P.E.I.’s expanding bioscience cluster,” said Minister McGuire. “We are very pleased to be working closely with our partners to promote innovative thinking and new product development in order to capitalize on the tremendous potential for growth in this sector.”
The Strategy targets to increase bioscience research and development expenditure from its current level of $15 million to $40 million, increase private sector employment from 400 to 1,000 and increase private sector revenue from $60 million to $200 million by 2010.
Bioscience-based products currently being produced in PEI range from pharmaceutical ingredients used in the treatment of diseases, to replacements for antibiotics in animal feeds, fish health vaccines, nutraceuticals and non-pharmaceutical health products.
“The encouragement of a cluster that enhances research and development, a highly skilled workforce, and business investment, is a cluster the Prince Edward Island Government is proud to support,” said Premier Binns. “There are substantial investment opportunities that can be developed as we expand the bioscience cluster in P.E.I., including new business development, business expansion, exporting, research and development, and job opportunities. In addition, it is our hope this industry raises the interest of our youth as they consider their future career.”
The National Research Council Canada Industrial Research Assistance Program (NRC-IRAP) provides technical and business advisory services to growth-oriented Canadian small- and medium-sized enterprises (SMEs) that focus on research and development. In support of SMEs in P.E.I., particularly in the bioscience sector, this cluster-building initiative will have a direct and positive impact on the growth of this sector. NRC-IRAP supports the development of this initiative that will benefit Canadians and the future growth of the P.E.I. bioscience sector.
The PEI BioAlliance Inc. was formed in March 2005 to facilitate the collaboration and growth within the network of individuals and organizations dedicated to building the bioscience-based economic sector. It is a not-for-profit corporation with a board of directors representing the private sector businesses, research and academic organizations, and government.
“At a time when we are recognizing the limitations of our natural resource base to further expand our economy, the bioscience industry is working on the limitless opportunities using natural biological processes for new product development,” said Dr. Regis Duffy, Chair, PEI BioAlliance. “All stakeholders within this cluster are firmly committed to actively participate in this exciting initiative that represents next generation prosperity for Prince Edward Island.”
Several key components of expanding the bioscience cluster are currently underway including growth and investment by private sector businesses, the National Research Council’s Institute for Nutrisciences and Health (NRC-INH), the Food Technology Centre, the major expansion of the Atlantic Veterinary College, the Holland College Centre for Labour Force Innovation and the Centre for Enterprise and Entrepreneurship at the University of Prince Edward Island.
Over the next three years, funding will be provided to the PEI BioAlliance to enable it to carry out its mandate. Through ACOA’s Business Development Program $496,960 will be contributed; the Province of Prince Edward Island, through PEI Business Development/Technology PEI will provide $255,000 and the National Research Council Canada Industrial Research Assistance Program (NRC-IRAP) will contribute $240,000 for the development of the PEI BioAlliance.
To learn more about the strategy, contact the PEI BioAlliance at (902) 367-4400 or visit www.peibioalliance.com