The Alberta medical technology sector will benefit from a joint Government of Canada and Alberta investment towards BioAlberta to administer and develop the third phase of the Medical Product Development Program.
“Our Government recognizes the important role science and technology plays in stimulating long term growth and creating high skilled jobs across Canada,” said Lynne Yelich, Minister of State for Western Economic Diversification. “This investment will help strengthen the economy in these tough times by providing Alberta companies with the resources to develop innovative medical products to sell in the global marketplace.”
This investment of more than $1.8 million will enable Alberta companies to participate in the program for five years. Joint funding is provided through the Canada-Alberta Western Economic Partnership Agreement (WEPA) and will contribute to total project costs of almost $2.5 million.
“This program comes at a crucial time for our life science companies”, said Ryan Radke, president of BioAlberta. “Capital markets remain very tight, making it difficult for Alberta companies to secure the necessary funds for development. We are delighted to deliver the Medical Product Development Program.”
The program is open to Alberta companies involved in the development of medical and assistive devices. The program funds incremental product development project costs, from materials to new project personnel, and aims to help companies take innovative new products and technologies to market.
The program will provide critical funding and expertise to assist companies with product development processes. Under the previous two phases of the program, 18 companies undertook more than 40 new product development projects, which resulted in 13 products that were either commercialized or have a high potential to be commercialized. Participating companies are selected through a competitive process.
An important aspect of the program has been the participation of post-secondary students in these projects. In addition to providing a practical learning experience to students, participating companies also benefit from student contributions to the development of their market-driven products and technologies.
BioAlberta is the central voice and organizing hub for Life Sciences in Alberta. It is a private, not-for-profit industry association representing Alberta’s steadily increasing life science industry, representing almost 20,000 employees. Those companies operate in the specialist fields of biopharmaceuticals, medical devices and applications, agricultural biotechnology, functional foods and nutraceuticals, environmental biotechnology, industrial bioproducts, and bioinformatics. For more information on the Medical Product Development Program go to www.bioalberta.com/mpdp.
The investments by the Governments of Canada and Alberta are made through the Canada-Alberta Western Economic Partnership Agreement (WEPA). Through this agreement, Canada and Alberta are jointly contributing $50 million, over four years, to strengthen economic activity and improve quality of life in Alberta communities.
