These promise to improve our health and well-being. Equally crucial, is the contribution biotech firms have made to our standard of living. As recent surveys show, Canada s biotech sector has undergone a remarkable growth spurt. Thereby, creating new exports, skilled jobs and keeping Canada competitive in the knowledge-based economy. Despite significant growth, however, biotechnology is still a nascent industry, which needs to be nurtured if we want Canada to continue to be a world leader.
Biotechnology is extraordinarily research intensive.
This underscores the intensive research nature of small firms. There exists a long-term commitment to research and development. Developing new cures, treatments and innovations is extremely costly. Moreover, only a tiny fraction of products in development, today, will ever make it to the market. For instance, only 1 in 10 drugs in Phase I trials make it to the end process.