Greater Sudbury Requires a Dedicated Innovation Strategy to Support, Retain and Grow Our Health Science Sector: Greater Sudbury Chamber of Commerce

Greater Sudbury, August 16th, 2016: At a time when the province is trying to address the major challenge of fiscal sustainability, the Greater Sudbury Chamber of Commerce is suggesting a different approach to fixing the province’s health care system and putting patients first. In a report released today, the Ontario Chamber of Commerce (OCC) is calling on the provincial government to turn its focus from budget cuts to empowering the health care system to become an economic and productivity driver that is responsive to emerging innovation being developed in our own backyard. The report, Adopting Our Advantage: Supporting a thriving health science sector in Ontario, is the third in a series of health policy reports and is part of the OCC’s year long Health Transformation Initiative.

Currently in regions across the province, the health science sector is struggling to attract local capital, find experienced managerial talent, and access the most important market in the province – the health care system. These challenges mean that entrepreneurs are more likely to partner with foreign investors, as they struggle to find the resources that would give them a strong foothold in Ontario.

“In order for the government to receive a return on its investments in research, and for patients in our region to gain access to the kind of innovations that will improve their quality of life, there needs to be a unified strategy to support Ontario’s health science sector,” said Tracy Nutt, Chair of the Board, Greater Sudbury Chamber of Commerce.  “Today, we are not supporting our own discoveries. If we were able to change that, it would have a great impact on our provincial economy, on our provincial health industry and on our local health care system.”

The provincial government invests a significant amount of money into research funding, education and seed development funds. However, if the companies that emerge from this environment are unable to access the markets or resources they need to scale their business, they are more likely to leave the province causing Ontario taxpayers to lose out on our investment. With innovation being identified as a priority at both the provincial and federal levels, now is the time for government to adopt a cohesive strategy to address the challenges facing this sector and take hold of the opportunity presented by our strengths in health sciences that will lead to a self-sustaining, vibrant health economy.

“If we can establish an integrated system that has a collective vision, the potential rewards for Ontario are great,” said Allan O’Dette, President and CEO of the OCC. “A lack of focused investment in the province’s home-grown innovation will only lead to missed opportunity.”

The report’s recommendations suggest a cohesive approach to health care that would make it easier to capitalize innovative health science start-ups, attract and retain experienced talent, and provide market access to the public health care system. For this to take place, Ontario requires a dedicated vision for health science innovation, one that recognizes our competitive advantages and makes use of our single-payer system as an economic driver.

 To obtain additional information, please contact:

Joyce Mankarios

Policy and Public Relations Manager

Greater Sudbury Chamber of Commerce

705-673-7133 ext. 224

c: 705-677-5735

[email protected]

 

The Greater Sudbury Chamber of Commerce represents 1,000 businesses and through the participation of its member volunteers on committees and task forces, it works as the Voice of Business to influence federal, provincial and local legislation affecting business.