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Federal Budget 2022 is changing the game for Canadian innovators in the public health sector. With a vast amount of the budget dedicated to the growth of the public health sector, health-focused Canadian innovators working in multiple subdivisions of public health, such as chemistry, pharmaceuticals, and nanotechnology, have a greater opportunity to bring their innovations to fruition without financial constraints.
With multiple funding streams such as the allocation of $30 million to support the growth of small and medium-sized Canadian businesses focused on innovating healthcare solutions and technologies to $436 million available for research, Canadian public health innovators have the capability to access more funding and innovate more than ever before!
Based on the lessons learned from the global pandemic, the federal government has developed an action plan to strengthen public health care and address the health-based concerns of Canadians through innovation. The Federal Budget 2022, focuses on providing funding for innovation in three main public health areas:
Other Good News for Canadian Public Health Innovators:
With the additional funding allocated, the Canadian Government is working towards expanding the Coordinated Accessible National Health Network (CAN Health Network), the institution that combines experts across provinces to develop health innovations, to Quebec, the Canadian Territories, and Indigenous communities. With this additional funding, more innovators, regardless of their nation-wide location, will be able to participate in research and development (R&D) activities within the public health sector. Furthermore, the new budget will account for the creation of a new Canadian Innovation and Investment agency that will facilitate the acceleration of R&D activities and help businesses to succeed.
What Funding is Available for Innovators in the Public Healthcare Sector?
As seen above, a large sum of funding is available for innovators in the public health field. Although Canada consistently supports the scientific community through its well-known scientific research and experimental design (SR&ED) program, public health innovators also have access to government grants, and sales tax recovery to optimize their cash-flow.
Updates with the new Federal Budget: The Government of Canada intends to assess the program to explore its effectiveness, and adequacy of support. Additionally, the Government of Canada plans to assess the eligibility criteria of the program, and search for opportunities to adapt and simplify the program to modern needs. Moreover, the government of Canada intends to explore the utilization of the SR&ED tax incentive for intellectual property (IP), patent development and retention programs.
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