Biotech industry in Canada will target government decision for financing need and a tax environment to encourage growth of small businesses.
As part of an attempt to emphasize the financing need and a tax environment to encourage growth of small businesses, Biotech industry in Canada will be targeting government decision maker this week.
More than half of biotechnology industry chiefs are going to call on cabinet ministers, senior government officials and MPs and above 60 meetings are planned. BIOTECanada and members are going to appear before the finance committee of the House of Commons as part of their pre budget consultations for 2007.
BIOTECanada's CEO and President said that there had been surprising awareness among the team members in conveying their message to the government.
They'll come equipped with the outcome of a civic opinion poll, which established over 80 percent Canadians agreed that the federal govt. should look for ways to help support the biotechnology companies in Canada in developing new products. And approximately 90 percent said Canada's healthcare system need to be keen to pay more to get a move on in new biotechnologies for health.
The team will be approaching for transforming to the Experimental Development and Scientific Research program, a government program that presents tax breaks for companies conducting R&D.
The main challenges for biotech companies in Canada are still accessibility to funds and adoption of innovation. Biotech takes seven to ten years and over US $1 billion to launch a product in market, on average. The majority of biotech companies are SMEs, with fewer than 50 employees with less than two years of operating cash.
Chairperson of BIOTECanada advisory board said that BIOTECanada and members seem to boost the yearly expenditure limit, eliminate eligibility limitations to Canadian controlled private company and also adjust taxable income and funds thresholds used for deciding eligibility for refund ability.
In a survey recently conducted in PricewaterhouseCoopers' partnership, CEOs of Canadian biotech said that they're each looking for a rise between US$ 10 Million and US$ 15 Million in the coming two years. He also added that Financing is a necessity for biotech industry and better tax programs could help biotech companies a huge transaction.
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