More British Columbians and people around the world will benefit from the life-changing work of B.C.’s world-renowned life sciences sector thanks to a significant investment in health research.
As announced in Budget 2022 and aligned with the StrongerBC Economic Plan commitment to position the province as a hub for life sciences and biomanufacturing, the Province is providing nearly $195 million in grant funding to Michael Smith Health Research BC (Health Research BC) and Genome BC.
“B.C. has so much to be proud of as we come through the last two years of the pandemic as a global leader in new health technologies, treatments and vaccines,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “This new funding is a significant step to establishing a life sciences hub to support the sector’s growth and diversification and to anchor B.C. as a worldwide leader and developer of new talent, research capacity and life-changing innovation. Life sciences is a powerful sector that touches every part of our lives – from health to the environment to food security, natural resources and more. This is what our economic plan is all about – it’s about building a strong, sustainable province that works for everyone.”
The Province is investing $116.6 million in funding to Health Research BC and another $78 million to Genome BC. These grants will support research in health, agriculture, clean technology and climate change, while also strengthening B.C.’s pandemic and emergency preparedness. The grants will also help attract, develop and retain research talent and support job creation and health research employment and training in B.C.
“B.C.’s life sciences research and companies continue to receive international recognition for playing a key role in the development of new technologies and treatments,” said Adrian Dix, Minister of Health. “By expanding our investments here at home, we are ensuring our public health experts continue to receive world-class research to protect the health and safety of British Columbians while guaranteeing B.C. remains a global leader in research and innovation.”
Throughout the pandemic, B.C.’s life sciences research sector and businesses earned international recognition for their roles in developing new technologies, treatments and vaccines now used around the world. Virtually every COVID-19 vaccine candidate that reached late-stage development in 2020 used components developed or manufactured by a B.C. scientist or company.
“B.C. is in a stronger position to realize improved health through research thanks to a provincial budget that includes support for life sciences,” said Dr. Bev Holmes, president and CEO, Health Research BC. “We thank the provincial government for its continued support of Michael Smith Health Research BC and for recognizing that a healthy society and a healthy economy go hand in hand. This funding will help grow the knowledge economy and health research recovery as it will be used to attract, develop, support and retain people whose research improves the health of British Columbians, addresses health system priorities and creates jobs.”
As outlined as a key new action in the StrongerBC Economic Plan, B.C. will launch a Life Sciences and Biomanufacturing Strategy to position the province as a worldwide life sciences hub by nurturing new talent, developing new lab space, leveraging the research capacities of B.C.’s post-secondary sector and supporting employment across the sector.
“Thanks to the support of the provincial government, genomics will continue to support the rapid growth of B.C.’s life sciences sector,” said Dr. Pascal Spothelfer, president and CEO, Genome BC. “This investment will help impact change in healthcare, climate change, food security and beyond. With these funds, we will continue to support cutting-edge research and innovation, support future researchers, and demonstrate the relevance and value of genomics in delivering significant societal, environmental and economic benefits for the province.”
The StrongerBC Economic Plan moves British Columbia forward by tackling the challenges of today while growing an economy that works for everyone. The long-term plan builds off B.C.’s strong economic recovery and works to address two long-standing challenges – inequality and climate change – by closing the skills gap, building resilient communities, and helping businesses and people transition to clean-energy solutions. The plan sets two main goals for the province – inclusive growth and clean growth – and puts forward six missions to keep B.C. on track.
Quick Facts:
B.C. is home to the fastest-growing life sciences sector in Canada with more than 2,000 companies employing 18,000 British Columbians working on innovations and research to improve health-care delivery around the world.
Made-in-B.C. life sciences products include rapid diagnostic tests for diseases such as HIV/AIDS, hepatitis C and Ebola; protein therapeutics for treating cancer, autoimmune and inflammatory diseases; and the first FDA-approved oral medication for treating adult patients with active lupus nephritis.
B.C. is home to Canada’s largest biotech company, STEMCELL Technologies; Canada’s largest medical device company, Starfish Medical; and Canada’s three largest biotech companies, AbCellera Biologics, Aurinia Pharmaceuticals, and Zymeworks Inc.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
