Ontario leads the way, creating a positive ecosystem for business that competes internationally
MISSISSAUGA, ON, Oct. 16, 2020 /CNW/ – Hoffmann-La Roche Limited (Roche Canada) is pleased to announce a major jobs investment into Ontario’s life sciences industry. At a time when Canada and the world are looking to the sector to lead in testing, treatment and post-pandemic economic recovery, this investment will bring up to 500 highly skilled and specialized full-time positions to the province of Ontario. This $500 million investment over five years will establish Roche’s Global Pharma Technical (PT) Operations site at its Canadian pharmaceutical headquarters in Mississauga. By the end of 2020, Roche will have hired 200 skilled jobs and up to 300 more by the end of 2023.
Ontario has been a leader when it comes to innovation and the hub of a growing life sciences sector that is recognized internationally. The current global health crisis has only reinforced the importance of strengthening life sciences, especially here in Canada. Life sciences and the bio economy drive the Canadian healthcare system, agriculture, food supply, environmental protection, and represent the greatest opportunity for economic growth in the province.
“Ontario was selected for this investment based on a strong competitive business environment, exceptional talent pool, and a government committed to fostering growth in the sector,” says Ronnie Miller, President & CEO of Roche Pharmaceuticals, Canada. “We applaud the hard work done by the Government of Ontario and the Premier’s Office to foster a business environment that can compete internationally to attract investment opportunities, and Roche’s commitment to add up to 500 specialized positions is a direct result of these positive changes.”
“Ontario is home to titans of research, development and innovation, who are leading the creation of life-saving medicines, treatment, and medical equipment,” says Premier Doug Ford. “Roche’s new operation hub in Mississauga will further anchor Ontario’s position as a global leader in life sciences, create good-paying jobs in the community, and ensure Ontario’s best and brightest minds advance the important work Roche does to transform health care here in our province and beyond.”
This opportunity places Ontario at the top of the list for potential future global investments across the life sciences sector. The investment will create new and exciting employment opportunities, including for recent graduates of Ontario’s strong academic ecosystem who will have the opportunity to impact the development of Roche’s medicines from early stages through to being supplied to patients around the world.
“As we move ahead in our post-pandemic recovery, today’s announcement is a positive signal that the life sciences sector is not only demonstrating our value in the fight against COVID-19 from a testing and treatment perspective, but also as an important economic driver for the province now, and as a growth opportunity for the future,” says Damian Siggins, Global Head, PT Transformation and Site Head, PT Operations. “Without the support of all three levels of government, the Mississauga Board of Trade, Life Sciences Ontario and Invest in Canada, who are all active advocates for a thriving sector, this investment would not have been possible.”
“Ontario is home to leading edge research institutions, we have a top tier STEM workforce and our life science and innovation sectors are amongst the best in the world,” says Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We are proud that Roche has expressed confidence in our province and selected Ontario as the home for their new site. This will mean 500 new well-paying jobs and will further bolster Ontario’s competitiveness in the life sciences sector.”
“I want to thank Roche for this significant investment in our city that will not only create hundreds of highly skilled jobs but position Mississauga on the road to recovery,” says Mississauga Mayor, Bonnie Crombie. “As home to Canada’s second-largest Life Sciences sector, I couldn’t be more proud that Roche has chosen to expand its operations in Mississauga. This investment will help bring new innovative products to patients in Canada and around the world and is yet another example of how innovation thrives in Mississauga.”
Roche is committed to continuing our investments in the Canadian healthcare ecosystem, but it is important to note that at a time when the world is looking to the life sciences sector for new therapeutics, vaccines, and diagnostics, the Federal government is implementing reforms that will limit our industry’s ability to deliver new innovations that Canadian patients need and are waiting for. Canada needs a regulatory environment that will help the sector and our citizens grow and thrive, while balancing system sustainability and equity.
About Roche Roche is a global pioneer in pharmaceuticals and diagnostics focused on advancing science to improve people’s lives. The combined strengths of pharmaceuticals and diagnostics under one roof have made Roche the leader in personalized healthcare – a strategy that aims to fit the right treatment to each patient in the best way possible.
Roche is the world’s largest biotech company, with truly differentiated medicines in oncology, immunology, infectious diseases, ophthalmology and diseases of the central nervous system. Roche is also the world leader in in vitro diagnostics and tissue-based cancer diagnostics, and a frontrunner in diabetes management.
Founded in 1931, Roche Canada is committed to searching for better ways to prevent, diagnose and treat diseases while making a sustainable contribution to society. The company employs more than 1,800 people across the country through its Pharmaceuticals division in Mississauga, Ontario and Diagnostics, as well as Diabetes Care divisions in Laval, Quebec.
Roche aims to improve patient access to medical innovations by working with all relevant stakeholders. Roche Canada is actively involved in local communities through its charitable giving and partnerships with organizations and healthcare institutions that work together to improve the quality of life of Canadians. For more information, please visitwww.RocheCanada.com.
All trade-marks mentioned are the property of their respective owners.
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.
