ADVANCED BUSINESS ENVIRONMENT

Established Industry Ecosystem

The Toronto region offers a convergence of leading-edge medical research with international business expertise and advanced manufacturing capabilities.

It is home to an established industry ecosystem complete with more than 800 home-grown companies and start-ups employing 38,000 highly skilled professionals, academics and technicians.

More than 50 multinational pharmaceutical, medical device and health companies have their Canadian headquarters in the Toronto region.

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HIGH TECH CAPITAL TO THE NORTH”

  • 100 ICT companies
  • 1 university, 3 colleges
  • Multinational generic, digital and medical device companies
  • Neutraceutical and manufacturing operations

“PILL HILL” TO THE WEST

  • 30 multinational pharma and medical device companies
  • 30+ small and medium biotechnology and medical device companies
  • Laboratories, manufacturing and warehousing operations
  • 1 university campus, 1 college, 6 hospitals

    “DISCOVERY DISTRICT” DOWNTOWN

    • 9 research hospitals, 10 community hospitals
    • 3 universities, 3 colleges, 37 research institutes
    • 160 biotechnology and medical device companies

      “ADVANCED MANUFACTURING” TO THE EAST

      • Multinational generics and digital companies
      • Laboratories, manufacturing and warehousing operations
      • 1 university campus, 3 hospitals

          Cost Advantages

          The Toronto region offers an ideal business location due to its lower cost of doing business compared to many other major North American cities of similar size. According to KPMG’s Competitive Alternatives 2014 Special Report: Focus on Tax, Toronto is the most tax competitive major international city in the world, ranking first overall of 51 cities studied on the total tax index across all operations and sectors. Its research and development costs are also far lower, as are its corporate and digital services costs than in these other cities.

          Government Commitment at all Levels

          Municipal

          • Refocusing on regional economic development with formation of Newco
          • Municipalities hiring Life Science Sector officers

          Provincial

          • Ontario Health Innovation Council (OHIC) report and recommendations refocus Ontario on economic development in the health sector (Dec 2014)
          • MRI support for the BIO International Convention Toronto Bid for 2019

          Federal

          • Independent Panel on Federal support to Research and Development (Jenkins report) recommends a transition to applied research (2014)
          • Advisory Panel on Healthcare Innovation (Naylor report) recommends a systematic funding to improve innovation and adoption of improvements to the healthcare system in Canada (July 2015)

          Business Incentives

          The Ontario Provincial Government and Canadian Federal Government offer a number of tax incentives to encourage new business investment in the Toronto region. Canada offers the most generous R&D tax credits in the G7, resulting in the lowest costs in R&D-intensive sectors.

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