This column was originally published in Life Sciences Magazine. Read the full digital edition here.
It has been a watershed year for British Columbia’s life sciences sector, with an unprecedented pace of discovery, company creation, and growth across the ecosystem, propelling it forward. Stakeholders have recognized the need for collective efforts to attract investment, grow and retain local companies, and foster skilled talent to remain globally competitive – and have risen to the challenge.
B.C. boasts Canada’s fastest-growing life sciences sector, one of the province’s most rapidly expanding industries. In May 2023, the BC government, in collaboration with LSBC, released an updated life sciences sector profile report based on data from 2018-2021. Highlights from this report include the following:
- B.C.’s life sciences sector grew faster than the overall B.C. economy;
- B.C. continues to be home to Canada’s fastest-growing life sciences sector;
- Over the three years, there has been a 26-per-cent increase in businesses and a 23-per-cent increase in employees, translating to 20,000 individuals in over 2,200 companies; and
- Through 2020-2021, B.C. attracted a record $3.3 billion in capital invested across the ecosystem.
B.C.’s success is driven by the emergence of world-class science from its academic and research institutions and innovative partnerships and investments involving companies, organizations and government.
This year’s pivotal moment was the introduction of B.C.’s first-ever Life Sciences and Biomanufacturing Strategy. A co-initiative between B.C.’s Ministry of Jobs, Economic Development, and Innovation and the Ministry of Health, and with consultation from sector leaders, this historic five-pillar plan provides a solid framework to facilitate the path from research to commercialization.
This will position B.C. as “a worldwide life sciences hub by nurturing new talent, developing new lab space, expanding clinical trial capacity, and leveraging research capacity as we support local businesses to grow and create good jobs for British Columbians,” according to the strategy.
Government confidence in the sector’s ability to provide needed economic diversification and improve patient health has led to several historic provincial and federal investments and announcements in the first half of 2023, which include:
- An investment of $7.2 million in a National Biomanufacturing Training Centre at BCIT;
- An investment of $12.5 million to create new commercial wet lab spaces;
- The establishment of B.C.’s Canadian Immuno- Engineering and Biomanufacturing Hub (CIEBH) led by UBC;
- A $440 million 10-year cancer action plan to better prevent, detect and treat cancers;
- A pioneering $701 million partnership between AbCellera and the Governments of Canada and British Columbia to propel the progress of drug development capabilities and infrastructure; and
- A $20 million investment over two years in the Michael Smith Genome Sciences Centre.
Leveraging these exciting initiatives requires skilled professionals. Like other sectors, the life sciences sector faces fierce global competition for talent. LSBC is leading a province-wide labour market intelligence study set for release later this fall. Designed to understand better the jobs and skills B.C. life sciences employers are looking for, the report will include five-year labour demand and supply forecasts, a skills training assessment, gender-based analysis data, and recommendations for sector-led strategies.
B.C.’s life sciences sector has never been stronger. As we look ahead, Life Sciences BC is committed to advancing the sector by working with leaders across industry, research and academia, and government to solidify B.C.’s position as a global life sciences leader.
Wendy Hurlburt is president and CEO of Life Sciences BC
This column was originally published in Life Sciences Magazine. Read the full digital edition here.
