Canada’s Economic Strategy Tables Recommendations for Health and Biosciences Welcomed by Montréal International

The Economic Strategy Tables are part of an initiative from the Government of Canada, and a new model for industry-government collaboration to support innovation in six specific sectors, including health and bio-sciences.

Health and Biosciences Table members, a group of leaders from the life sciences and health technologies (LSHT) sector, recently released a new report with recommendations to leverage our health care system and to achieve even greater impact through our advances in the life sciences.

They share an ambitious vision of positioning Canada as a global destination for talent and investment in the field of health and biosciences. Neil Fraser, president of Medtronic Canada and member of this group, presented this comprehensive report to the Montréal International Attractiveness Council with five areas of focus to unleash Canadian innovation in the life sciences sector:

1. Accelerate Innovation Adoption

By employing value-based procurement across Canada’s health systems and establishing a procurement innovation agency

2. Design Agile Regulations

By adopting international best practices, eliminating duplication across jurisdictions and decreasing review times

3. Harness Digital Technology

By creating a national digital health strategy featuring an interoperable digital health platform

4. Develop & Attract Talent

By equipping Canadians for highly skilled jobs, eliminating hiring barriers and streamlining government skills programs

5. Create Anchor Firms

By mobilizing late stage capital, scaling up high-potential firms, and broadening research and development tax incentives

“Leading health systems are shifting from buying products to buying innovations that deliver outcomes — outcomes that matter to patients, healthcare providers, and the economy.

Numerous provincial and federal reports, including HBEST, have made recommendations that would make this shift more possible in Canada and it’s time we move beyond recommendations to implementation.”

Neil Fraser, President – Medtronic Canada

With more than 650 organizations and 56,000 jobs in the LSHT sector, Quebec and Greater Montréal is a destination of choice for industry leaders, researchers and investments and is where tomorrow’s ideas, treatments and technologies such as artificial intelligence take shape. Life sciences & medtech companies are also benefitting from the impressive concentration of artificial intelligence experts based in Montréal to become global leaders in health digitization.

Read the full report:

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