Hamilton's Innovation Factory receives $6M from feds to launch new healthcare hub
The federal government announced Tuesday (Mar. 30) that Hamilton’s Innovation Factory would be receiving a $6-million investment to establish a new innovation hub.
The Innovation Factory will work alongside the Synapse Life Science Consortium to launch the Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE).
The hub will service life science businesses to accelerate the commercialization of their products.
The Hamilton area was recognized as a leader in healthcare innovation by Melanie Joly, the Minister of Economic Development and Official Languages.
“As Ontario works towards recovery from the global pandemic, the need for made-in-Canada healthcare solutions is more important than ever,” stated the official media release.
“That is why the Government of Canada is investing in communities like Hamilton, who have a strong history in innovation, healthcare and collaboration and have the potential to cultivate new ideas while creating jobs and, supporting a strong economic recovery.”
The Hamilton region has the second-largest hospital network in Canada while McMaster University has been recognized as the country's most research-intensive university.
Through SOPHIE, businesses will receive advisory services, testing capabilities, and financial support from experts in the healthcare field to develop and commercialize their specialized health innovations and scale up their companies.
The federal government added that SOPHIE will provide a single-window contact to facilities and expertise for Ontario's next generation of innovative life science companies--creating a robust pipeline of made-in-Canada healthcare solutions.
"Through this partnership with FedDev Ontario, Innovation Factory will accelerate the commercialization efforts of innovative life science companies emerging from the dynamic southern Ontario health ecosystem,” said David Carter, Executive Director, Innovation Factory.
“Innovation Factory will build on our history of supporting startup and scaling companies, ensuring made-in-Canada solutions can emerge with the support of Hamilton’s dynamic health ecosystem."
The FedDev Ontario investment is expected to add an additional 50 jobs and maintain an additional 100 jobs while encouraging firms to either establish themselves or grow in southern Ontario.
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