Pre-budgetary consultations in Saskatoon: Phenomenome Discoveries

Posted on December 19, 2011

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John Hyshka, Chief Financial Officer of Phenomenome Discoveries appeared before the Standing Committee on Finance in Saskatoon Thursday October 27, 2011. Hyshka showcased the Canadian biotechnology industry accounts for 11% of all business-sector R&D. Biotechnology companies spend over $1.5 billion each year on research and development in Canada. Moreover biotechnology innovations have become core to supporting over 1 million Canadian jobs and $86 billion of the Canadian economy. BIOTECanada has recommended the following 3-step action plan to create sustainable long-term economic growth in Canada. 1. Enable Risk Capital Formation for Domestic Spending: Expand the flow-through shares program to junior biotechnology companies in Canada. 2. Improve Global Competitiveness for All Domestic R&D Jobs: Remove the Canadian- controlled private company (CCPC) restriction from the Scientific Research and Experimental Development (SR&ED) tax credit program. 3. Sustain Federal Vaccine Funding for Healthcare Savings: Invest in new vaccines that provide world-class care and save costs in our health care system. “Canadian biotechnology companies are home to staggering science and innovations that other countries want,” commented Mr. John Hyshka, Chief Financial Officer of Phenomenome Discoveries. “Our industry catalyzes research into products and our bio-economy continues to grow. It is important the federal government take a serious look at the competiveness of current incentive programs to ensure continued growth in Canadian jobs.” BIOTECanada news release Mr. Hyshka’s remarks to the committee can be found here.

Submitted by Nadine Lunt, BioteCanada