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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!
Public Health Activities Receiving Additional Funding According to the Federal Budget 2022:
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:
Innovations that increase access and effectiveness of healthcare providers with emphasis on mental health professionals and substance addiction recovery programs.
The Federal Budget 2022 highlights the need to invest in mental health interventions and improve accessibility to mental health services across Canada through innovation. Moreover, after a record number of opioid-related deaths in 2021, Budget 2022 also allocates $100 million over three years to support innovations that increase access and improves care plans in Substance Use and Addictions Programs. Additionally, the Federal Government is also working towards providing Canadians improved health care and access to dental care, long-term home, and community care, and their own health records.
R&D regarding disease control and outbreak prevention
After managing the COVID-19 outbreak, the Federal government recognized the importance of anticipating and responding to public health threats. With surveillance and early detection remaining a priority for the future, Budget 2022 allocates $436.2 million over five years with $15.5 million in remaining amortization to meet this goal. Actions related to vaccinations, viral and respiratory infection research, COVID-19, disease tracking, and risk assessment-related activities may be eligible to benefit from this funding.
Research and data collection with emphasis on the long-term impact of COVID-19 and brain health.
The new federal budget allocates $20 million over a five-year period to support research on the long-term effects of COVID-19 on both Canadians and the Canadian health care system. Research that generates data that can support Canadian health care practices or contribute to improvements in the Canadian health care system may be eligible to receive part of this funding. Additionally, with the prevalence of dementia and other brain conditions increasing amongst Canadian seniors over the age of 85, Budget 2022 allocates $20 million over five years to support efforts to increase research on brain health and mental health and its impact on a spectrum from patients to caregivers, with the ultimate goal of improving and developing care models. Additionally, the new federal budget announced $30 million over three years to help support the Center for Aging and Brain Health Innovation.
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.
An R&D Tax Incentive: A deduction or credit based on income expenditures and costs associated with R&D activities.
Applicable to Canadian businesses of all sizes and in all sectors
Approximately $4 Billion available in funding
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.
