According to the Financial Post, the life science sector attracts millions of dollars of funding each year from the federal and provincial governments:
– The Scientific Research and Experimental Development (SR&ED) program provides a tax rebate on eligible R&D expenses.
– The Industrial Research Assistance Program (IRAP) provides research and innovation assistance program for SMEs.
– The Canadian Innovation Commercialization Program (CICP) helps companies bridge the pre-commercialization gap by awarding public contracts to test new products and services.
– The Alberta Foundation for Medical Research Endowment Fund has contributed over $800 million to medical research initiatives in the past 25 years.
– The Ontario Emerging Technologies Fund assists businesses to attract financing by co-investing along with VCs or private investors.