150 health sciences professionals to benefit from training, mentoring
Ontario is investing more than $5 million to meet the demand for new health products and equipment.
The funding will be used to train and mentor up to 150 health sciences professionals on how to secure investments for their innovative medical solutions and bring them to market.
“We know there is a surging demand for new health products right now, and this program will help make sure our workers have the skills companies need to become leaders in the global health science sector,” said Monte McNaughton, minister of labour, training and skills development. “This will energize our economy but, just as importantly, create great, local jobs that make our communities stronger.”
The training will be delivered by the Ontario Bioscience Innovation Organization (OBIO) virtually starting in June for free. It will help participants gain advanced business, financial and intellectual property commercialization skills that will help them secure investments, scale and grow. Participants will also receive valuable one-on-one mentorship with business development experts.
“The Business Development Skills program provides companies with the support they need to secure capital from global investors and grow their business, allowing them to build and enhance their in-house capabilities,” said Gail Garland, CEO of OBIO. “With OBIO’s support, health science companies are given the opportunity to grow and stay in Ontario, where they can create jobs and contribute to the economy, as well as position themselves as leaders in the global market.”
Canada can benefit from having a permanent domestic personal protective equipment (PPE) manufacturing base, according to one expert.
The new Ontario program is part of the province’s $115 million Skills Development Fund, designed to support fresh ideas for training and skills development.
In 2020, an average of 870,000 people were working in Ontario’s health care and social assistance sector. This sector contributed $47 billion to Ontario’s economic output last year, accounting for 6.6 per cent of Ontario’s real gross domestic product (GDP).
There were 34,180 job vacancies in this sector during the fourth quarter of 2020, an increase of 9,235 positions or 37 per cent since the fourth quarter of 2019.
Two-thirds (66.1 per cent) of businesses in Canada said they needed or anticipate to need personal protective equipment (PPE) to operate in accordance with COVID-19 public health guidelines, according to a report from Statistics Canada (StatCan). However, five Canadians were previously charged in the United States with conspiracy to commit wire fraud in a scheme to fraudulently acquire PPE.
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