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U of T and health industry leaders urge investment in biomedical innovation – News@UofT

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As the world continues to grapple with COVID-19, the University of Toronto is joining with health and pharmaceutical industry leaders to stress the need for increased Canadian support of bio-innovation and bio-pharmaceutical research, development and infrastructure.

Christine Allen, U of T’s associate vice-president and vice-provost, strategic initiatives, recently joined executives from Pfizer Canada, Telus Health and Sun Life at a virtual summit hosted by the Canadian Chamber of Commerce to discuss the importance of health technology and infrastructure in Canada.

Allen, an internationally recognized expert in the research and development of novel technologies for cancer detection and treatment, said growing the country’s capacity to produce life-saving treatments will require investing in a “pipeline of bio-medical innovations” and highly qualified personnel to support everything from scientific discovery to product development.

“We absolutely need investment in high-risk, high-reward research and pivotal studies that raise the readiness levels of new therapeutics and technologies that are emerging from academic institutions and hospital research institutes,” said Allen, who is also a professor at the Leslie Dan Faculty of Pharmacy.

The event was held as Ottawa seeks input on boosting Canada’s biomanufacturing and life sciences ecosystem after COVID-19 exposed gaps in the country’s capacity to produce life-saving vaccines and drugs to meet Canadians’ needs in a pandemic.

 

Christine Allen, U of T’s associate vice-president and vice-provost, strategic initiatives, says growing the country’s capacity to produce life-saving treatments will require investing in a “pipeline of bio-medical innovations” (photo by Nick Iwanyshyn)

Allen stressed the role of research and innovation at universities like U of T, whose bio-innovation ecosystem is at the centre of the country’s largest hospital and life sciences cluster – a critical contributor to Canada’s health security.

Yet, public investment in health research has waned in recent years. Allen noted that Canada spent about two per cent of its GDP on research and development in 2004, but the figure has since fallen to about 1.5 per cent.

She said Canada’s universities, including U of T, are calling for a return to the level of R&D spending of two decades ago.

“We need policies that strengthen our biomedical and pharmaceutical industries in Canada and encourage and enable collaboration between academia, our strong hospital network and industry,” Allen said.

“This will foster innovation, close the translation and commercialization gaps in our country, create and retain IP and retain talent in our country.”

One area she said is in “dire” need of investment is Canada’s network of specialized research and bio-manufacturing facilities, including containment level three (CL3) labs that have supported critical research into COVID-19.

At U of T, a CL3 facility made it possible for Scott Gray-Owen, a professor of molecular genetics in the Temerty Faculty of Medicine, to validate the findings of a Quebec company that makes a mask with an antimicrobial coating that can deactivate 99 per cent of the SARS-CoV-2 virus within minutes.

Scott Gray-Owen, a professor of molecular genetics in the Temerty Faculty of Medicine, used a containment level three lab to validate a Quebec company’s findings that its coated mask can deactivate 99 per cent of the SARS-CoV-2 virus (photo by Nick Iwanyshyn)

Allen said Canada is lagging behind other countries and regions, including China and the European Union, that have built dozens of containment level three labs to respond to disease outbreaks.

In addition to universities’ role in supporting critical health research, they also train the health professionals who see to Canadians’ medical needs, Allen said. U of T, for example, graduates about 2,500 students in the health fields each year, and nearly a third of people working in the Ontario health sector have a U of T degree.

“I’m always inspired by our students and I have been particularly inspired during the pandemic,” she said, citing examples of students helping front-line workers with errands, contributing to COVID-19 research and volunteering to help at vaccination sites hosted on U of T’s campuses.

The speedy development of an effective COVID-19 vaccine last year by Pfizer and BioNTech offers lessons in the value of supporting research and collaboration across the biomedical sphere – and of taking risks, said fellow panelist Cole Winnow, president of Pfizer Canada.

“We invested $2 billion to scale up our manufacturing processes before we knew the efficacious and safety profile of the vaccine,” he said.

“So, taking those key risks and planning for success was critical [for] us to be able to deliver this vaccine in record time.”

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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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.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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