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ABOUT PSG
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WHAT’S NEW AT PSG
UPCOMING EVENTS
MARK YOUR CALENDARS
In-Person
Root Cause Analysis Workshop
November 19, 2024
9:00 am – 5:00 pm EST
In-Person
PSG Medical Devices Symposium
November 20, 2024
9:30 am – 3:30 pm EST
INDUSTRY HEADLINES
How to Leverage Canada’s Competitiveness in the Global Market?
The Canadian pharmaceutical market comprises about 2.1% of the global market share, ranking 9th in the world in 2020 (IQVIA). In 2022, only 1 Canadian company ranked 33rd out of the 50 largest pharma companies in the world. Even so, the country has a vibrant biotech and life sciences research sector fueled by renowned universities, several thousand startups, and a history of scientific breakthroughs. Canada’s capabilities include:
- 16 health and life sciences networks, including 100+ teaching hospitals and research institutes
- Over 12,000 bio-economy organizations in 2019, including 600 innovative biotechnology companies
- 686 pharmaceutical and medicine manufacturing establishments, 81.3% of them with 0-99 employees
- 206,082 STEM and health care graduates in 2019, representing a 15% increase from 2015
- Clinical trials conducted by the world’s top ten pharmaceutical companies, with over 3,500 taking place at any given moment
- $1 billion (of the $2.2 billion) invested in the ‘Strategic Innovation Fund’
- More than a dozen available research partnership programs and grants, including the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP) and Ontario Centre of Innovation (OCI).
The bio-health subsector of the Canadian bioeconomy is expected to require more than 36,000 workers by 2029, not accounting for the expansion growth as a result of Strategy investments. Already some employers are finding it challenging to recruit and retain skilled talent. Forecasts suggest that employers will only be able to fill about 25% of the biomanufacturing and processing job openings between now and 2029. To keep up, Canada will need to strategically recruit more internationally educated professionals and students along with under-represented groups. Raising awareness and inspiring pursuit of bio-economy careers earlier on in a student’s education may also help.
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