EDMONTON, Alberta–(BUSINESS WIRE)–#Alberta–Alberta’s life sciences industry continues to be a major growth, diversification, employment, and innovation engine for the province of Alberta. With more than $1 billion in revenues generated by Alberta companies and over 12,000 jobs expected to stem from the industry, the province’s life sciences ecosystem has demonstrated strong performance and continued positive momentum, as outlined by a report released today by BioAlberta, in collaboration with Deloitte Canada.
Jason Ding, Partner and National Life Sciences and Healthcare Financial Advisory Leader at Deloitte Canada, and Robb Stoddard, President and CEO of BioAlberta, will present the findings of the 2021 Alberta State of the Industry Report in Edmonton on November 16 at a virtual event at 1:30 pm.
The report, resulting from a survey that was distributed to more than 400 life science companies in the summer of 2021, provides a review of the state of this industry in the province, examining revenue growth, research and development, human resources, and sources of funding and capital.
“Though COVID-19 presented challenges for the life sciences sectors, we expect it to re-bound and capitalize on new emerging opportunities,” said Robb Stoddard, President and CEO of BioAlberta. “As Alberta companies continue to grow and mature, this will help Alberta to become a key player as a hub in Canada and globally.”
Alberta’s life sciences industry is experiencing incredible growth and opportunities. Respondents noted a few key industry opportunities: 1) Increased commercialization and scaling of companies both within and outside of Alberta; 2) Increased partnerships and collaborations in Alberta; 3) Increased incubators and/or accelerators to support commercialization; and 4) Increased access to capital.
The report focuses on R&D, human resources, revenue, and financing. From an R&D perspective, spending has increased since 2018/19, eclipsing $240 million for the first time since 2017. In terms of talent, survey respondents indicated that they are also witnessing a recovery of employees, with 2021 expected to increase by 33% from the reported employment count in 2020. Companies also recorded a record in revenue projects, with the industry expected to see over $1.3 billion in revenue in 2021. Last year, 2020 also saw a record for financing, with over $1.5 billion in capital raised. This can be attributed to significant investment in the cannabis sector, as well as strong capital funding allocated for healthcare technology and services in the wake of COVID-19.
“Deloitte has been proud to work with BioAlberta to develop the State of the Industry Report bi-annually since 2009,” said Jason Ding, Partner and National Life Sciences and Healthcare Financial Advisory Leader at Deloitte Canada.” Despite COVID-19, we have seen resiliency, commitment, and collaboration by Alberta companies within the life sciences ecosystem. It’s gratifying to see Alberta companies, in the context of a strong Canadian life sciences and healthcare ecosystem, continue to grow, scale, and prosper.”
Access the 2021 BioAlberta State of the Industry Report here: https://www.bioalberta.com/uploads/files/2021%20BioAlberta%20State%20of%20the%20Industry%20Final%20Report%20Nov%2010%202021.pdf
BioAlberta is a member-driven association that represents and promotes the province’s vibrant and diverse life sciences industry. Through our many partnerships and collaborations, we are dedicated to promoting Alberta’s life science sectors, locally, nationally, and internationally. BioAlberta enables success for its members by providing a wide range of networking and educational events, and by effectively delivering policy options to governments. BioAlberta activities are focused in key strategic areas: advocacy; promotion, marketing, and networking; industry development.
For more information:
BioAlberta: Trish Filevich, Marketing