UHN Seeks Urgent Investment in Life Sciences Amid Trade War

University Health Network (UHN) is urging governments and private sector entities to invest more in life sciences, citing the potential to boost Canada's economy during the trade war with the US. The hospital network has outlined its plan for action in a report called 'From Discovery to Global Supplier', which will be released later this month.

According to the report, Canada has a strong legacy of creating new drugs, medical devices, and technologies such as artificial intelligence, but has failed to build companies that utilize these innovations for economic benefit. UHN's CEO, Kevin Smith, notes that the country needs to act more urgently to address this issue.

The report recommends that governments make procurement processes easier for Canadian startups, including setting adoption targets and clearing away interprovincial red tape. It also calls on institutions to commercialize research and make it a part of board accountability.

Furthermore, the document suggests that provincial pension funds should anchor more domestic funding rounds and support Ottawa's proposal for a 'patent box', which would give preferential tax rates on gains from intellectual property developed in Canada. Smith emphasizes that the goal is not to force domestic investment at the cost of bad returns but rather to create an environment where investing in Canada is as attractive as investing elsewhere.

The White House's announcement of tariffs on pharmaceutical products and demands for drug manufacturers to move production to the US has put pressure on companies such as Novo Nordisk A/S, which developed the blockbuster drug Ozempic. Smith draws comparisons between Denmark and Ireland, where favourable tax codes have drawn many pharmaceutical manufacturers.