Opinion: Historic Investments in B.C.’s Life Sciences Sector Come at a Critical Time
Opinion: Now is the time to realize the promise of the 'double helix' benefit of B.C.'s life sciences sector.
Wendy Hurlburt and Ali Ardakani
This week, the largest-ever B.C. delegation is in Boston for BIO International, the annual preeminent global biotech conference — a place where global investments and partnerships get made.
Led by Life Sciences B.C. and B.C.’s minister of Jobs, Economic Development and Innovation, over 50 B.C. companies and organizations will be showcasing our world-leading health innovation and its capacity to solve many pressing health conditions of our time.
While B.C. science has been on the map with the international bioscience community for many years, it’s now of world renown, having played a crucial role in enabling pandemic-ending mRNA COVID-19 vaccinations with a lipid nanoparticle vaccine delivery system that has now seen over 4.5 billion Pfizer BioNTech doses delivered in 181 countries. Additionally, a Vancouver-based company created the first approved antibody therapeutic to clinically treat COVID-19.
In short, our global scientific leadership cannot be overstated. We produce innovative digital and medical products and disruptive biotechnologies in precision medicine sought after around the world, including the innovative lipid nanoparticles, messenger ribonucleic acid (mRNA) vaccine technologies and antibody therapies. These third-generation pharmaceuticals are now on the cusp of creating breakthrough treatments for high-priority unmet clinical needs, including cancer, HIV, malaria, and tuberculosis, and will change the lives of millions of people.
This explosion of scientific innovation has created rapid growth in the number of B.C. businesses and their size. Our province has the fastest-growing life sciences sector in Canada, employing roughly 20,000 people in 2,000 companies. Many of these organizations are still fledgling, but the number of organizations with over 50 employees has grown by 57 per cent in recent years, and two are the largest biotech and medical design and development companies in Canada. B.C companies have also been attracting increased investment and making record venture capital deals, and we now have several companies with over $1 billion in market capitalization. The sector also provides well-paying jobs with salaries close to 30 per cent higher than the provincial average.
"This [BC’s life sciences growth] is the envy of many jurisdictions around the world, and a "double helix" benefit for British Columbians — groundbreaking innovation addressing pressing health problems and economic diversification with well-paying jobs. How do we capitalize on this to ensure we can continue to attract the needed capital and talent to grow this sector?"
Ali Ardakani
Founder & Managing Director, Novateur Ventures, and
Board Chair, Life Sciences BC
All this is the envy of many jurisdictions around the world, and a “double helix” benefit for British Columbians — groundbreaking innovation addressing pressing health problems and economic diversification with well-paying jobs. How do we capitalize on this to ensure we can continue to attract the needed capital and talent to grow this sector? Recent historic investments by the province provide an excellent start. A new government of B.C. Life Sciences and Biomanufacturing Strategy presents a vision and plan to position B.C. as a global hub for life sciences and biomanufacturing — producing high paying jobs, scaling companies, and making it easier for British Columbians to access innovative treatments, including through clinical trials.
The strategy is unprecedented — the result of cross-ministry collaboration between the ministries of Health and Jobs, Economic Development and Innovation — and demonstrates understanding by government of the double benefit of the life sciences sector and commitment to grow it. The plan acknowledges the important pathway of research to commercialization and both addresses growth barriers and supports production capacity through key actions. It has also come with financial investments in talent with the recent establishment of the National Biomanufacturing Training Centre at the BCIT Richmond campus, and in capacity building with $12.5 million to create new commercial wet labs in Metro Vancouver and Vancouver Island that will support fledgling companies’ growth.
Most significantly is the historic joint investment of over $300 million by the governments of Canada and B.C. in Vancouver-based AbCellera Biologics. This powerful commitment to help establish a Canadian anchor company is pivotal in a growing sector, creating hundreds of new, high-paying jobs and providing Phase 1 clinical trials to British Columbians with locally invented treatments.
All this comes at a critical time as jurisdictions around the world also recognize the value of life sciences to their economies, to their self-sufficiency during a global health crisis, and to meeting their population health needs. They, too, are doubling down on growing their sectors, and we must do even more to grow our competitive advantage. B.C.’s new Life Sciences and Biomanufacturing Strategy, its alignment with the federal government’s biomanufacturing goals, and these first investments are an excellent framework and launch pad we must, and we will, act on to be successful.
As we meet the global biotech and investment community in Boston, we will use this jumping off point to demonstrate B.C.’s competitive advantage in its people and its companies, and as the best global jurisdiction to invest.
Wendy Hurlburt is President & CEO, Life Sciences BC.
Ali Ardakani is Founder & Managing Director, Novateur Ventures, and Board Chair, Life Sciences BC.
