Canada is home to 10 of the world’s biggest pharmaceutical companies, such as Apotex (Toronto), Canada’s largest producer of generic drugs in the country, worth over $1 billion. Interested in bringing your existing pharmaceutical business to Canada or investing in one of Canada’s world-renowned pharma companies? Keep reading to find out how you can boost your profits through the many benefits available to you when you live and work in Canada.
According to PharmaExec.com, Canada’s Pharmaceutical Industry is forecast to grow to approximately $25 billion by 2021. The manufacturing GDP growth rate from 2013 - 2018 has increased by 22%, and with over 900 health and bioscience companies, employs more than 30,000 people in the past 5 years. With a stable economy, ranked as the 10th largest globally, Canada’s pharmaceutical sector is not only one of the largest but one of its most lucrative industries.
Canada’s pharmaceutical sector and life sciences businesses are among its most lucrative, and its MedTech sector are one of the largest globally, ranking 8th on the list of global medical device suppliers. This includes devices such as cardiovascular devices, rehabilitative devices as well as medical and diagnostic imaging.
Canada is also incremental in the advancement of clinical trials. Ranking 9th in the world, it is responsible for capturing 5% of the world’s clinical trials. With some of the world's leading scientists and engineers available to the industry and high levels of education and innovation at its fingertips, Canada is becoming a global leader in biopharmaceuticals.
However, although there are hundreds of jobs available in the Canadian pharmaceutical sector, Canada is struggling to meet labour demand needs and requires highly skilled foreign individuals and innovative entrepreneurs in search of investment opportunities or ways to expand their existing business abroad.
The Canadian government has therefore introduced new programs and systems to help fill the labour gap and help skilled foreign workers live and work in Canada as well as make an easy transition into the Canadian community. Two of these systems/programs includes the Express Entry System And the Provincial Nominee Programs. These systems and programs not only make the process easier but fast-tracks the visa and immigration application process, allowing newcomers to immigrate to Canada with their families in as little as 6 months.
One of the most exciting areas in the biopharmaceutical sector is the medical cannabis industry. According to Forbes.com, one of the world’s Pharma giants, Teva, recently announced that it will be joining forces with Canndoc, one of the leading medical cannabis companies with headquarters in Canada, to help supply the industry with medicinal cannabis products.
For more information about how you can help grow Canada’s economy and bring your cannabis business to Canada simply visit our blog here.
The government has also implemented incentives, such as the Scientific Research and Experimental Development (SR&ED), which gives tax credits and refunds to eligible companies in Canada, the Canada Foundation for Innovation (CFI), Genome Canada, Canadian Institutes of Health Research (CIHR) and Canada Brain Fund (CRF). Along with these strategies, comes the Global Skills Strategy, which allows Canada to enrich its skilled workforce by bringing in highly skilled individuals from abroad.
Ready to start your a new venture or relocate your pharma business? Simply click the link below and let us help you get the process started.
Why Invest in Canada's Pharma Industry
1. Canada has a highly qualified workforce and is globally rated as having the most educated workforce in the world, with over 55 per cent of its population possessing a tertiary qualification. Canada is currently ranked 4th globally for the availability of skilled scientists and engineers, making it the ideal location to invest in with regards to the pharmaceutical sector.
2. Canada has the lowest business and Research and Development (R&D) costs of G7 countries in the software and digital media sectors. It also has the lowest overall tax rate on new business investments. This combined with its uninhibited global market access to the U.S. market makes it the perfect destination for potential pharmaceutical businesses and investors.
The Top 10 leading pharmaceutical companies in Canada are:
|Eligible Countries in the International Experience Canada Program|
|Leading Companies||Total Sales||Market Share|
|Johnson & Johnson||2.93||11.4|
3. Free Trade: Canada is the only country in the world that is able to trade freely with every G7 nation, offering preferential market access to more than 1.5 billion consumers in 51 countries. It also has a central transport infrastructure, including air and maritime access to Asia, Europe and South America. Free trade means more opportunities to increase investment revenue.
4. Innovation: Canada is ranked 6th globally for innovation, and is ranked 8th in the world as having the largest medical device market. The medical equipment manufacturing sector saw a GDP growth of 28% from 2013 - 2018 and in steadily increase, showing no signs of slowing down.
5. Stability Canada is currently ranked in the top 20 most stable political climates worldwide, ranking #2, just after Japan, among G20 countries, making it a solid investment option for foreign investors. Canada is also regarded as one of the least corrupt countries globally, ranking 9th out of 180 countries and its banking system is ranked second in the world, according to Invest Canada.
6. Canada has government funding initiatives: This includes the Scientific Research and Experimental Development Program (SR&ED), Canada’s largest R&D tax credit program. Other funding initiatives include the Canada Foundation for Innovation (CFI), which funds research in universities, colleges, research hospitals and non-profit research institutions, Genome Canada, which is responsible for providing large scale investment to help develop new tech and create solutions to challenges faced on a national scale, Canadian Institutes of Health Research (CIHR), a funding agency supports innovative improvements in the health care sector, and Canada Brain Fund (CRF), which supports and funds Canadian brain science. Along with these strategies, comes the Global Skills Strategy, which allows Canada to enrich its skilled workforce by bringing in highly skilled individuals from abroad.
How to Live and Work in Canada as an Investor
The Start-up Visa Program gives foreign investors the opportunity to start or invest in a business anywhere in Canada. One of the great benefits of this visa option is that applicants are also able to get permanent residency in Canada, provided they meet government requirements. Processing times vary from anywhere between 12 to 16 months, however, applicants are able to attain a temporary work permit while they are waiting for their Start-up visa application to be processed.
How We Can Help You With Your Visa Application
Immigration to Canada can be both complex and confusing. By using our accredited Regulated Canadian Immigration Consultants (RCICs) you will not only optimize your chances of success in the visa application process, but you will receive expert advice on which program is best for your personal needs. Our RCICs are registered with the ICCRC and are legally permitted to assist you by evaluating your eligibility, reviewing all documentation and submitting it to the Canadian government on your behalf.
Don't risk your chances of living your Canadian dream. Simply complete our online application form and we’ll take care of the rest. It’s that easy.