THE TIME IS NOW FOR B.C. TO BE A GAME-CHANGER
Industry can seize the opportunity to fight coronavirus, Michael Glaser says.
Every day we learn or hear about how these are unprecedented times. But it’s from such times that defining change and advancements come. And, right now, B.C. companies have a real chance to be a change-maker in the fight against COVID -19.
The province has already shown leadership in the fight against the virus. B.C. put together a cohesive strategy early in the pandemic that engaged both local health leaders and the public, who quickly bought into guidelines to manage risk and kept the infection and death rates much lower than the national average. This meant the shutdown measures in the province didn’t need to be as dramatic as elsewhere in Canada.
With an uptick in cases among younger people in recent days, the province has taken quick action to get the message out — including using high-profile individuals — that reckless behaviour puts lives and the economy at risk. It has also signalled that it’s prepared to take legal action to shut down large gatherings, if necessary.
But a full return to normal depends on our ability to find proven treatments and ultimately a vaccine to eradicate this virus — and future viruses. Labs across the world have shifted focus to find solutions, with B.C.’S life sciences sector being no exception.
Last year, investors put nearly a billion dollars into the B.C. life sciences sector to support continuing research and development to move a number of projects toward clinical trials. The sector has continued to see strong interest again in 2020 with both private investors and governments committing funds to further the development and manufacturing of agents used in the fight against COVID-19. In fact, B.c.-based firms are contributing to dozens of such projects worldwide.
This pandemic has highlighted some hard lessons regarding the critical need for domestic capacity to supply our own medical needs in time of crisis. This may be the catalyst that fuels the sector to the next level with even more capital directed to the players who can contribute innovative technologies to accelerate vaccine development and manufacture essential medical devices such as ventilators and personal protective equipment.
The reality is that before this pandemic there wasn’t enough economic incentive for companies or investors to direct resources to the vaccine/antibiotic space. As a result, these areas have largely been starved for investment for most of the last three decades — and much work is needed to catch up.
This creates a real opportunity for the sector in B.C., but we will not be alone in looking to quickly close the research and production gaps. Government will need to play a key role in getting this started and promoting the benefits of investing here. This will include highlighting our success in containing the spread of COVID-19, which makes the province an attractive place for investors — and skilled workers — with our lower risk of further economic shutdowns.
And the province has what today’s science and tech professionals want: good growth opportunities, highly skilled networks and a leading quality of life. We shouldn’t be shy about promoting these benefits.
Government, business, academia and industry associations should be shouting it from the rooftops — or at least in news conferences — every chance they get.
But the sector has some work to do, as well. While B.C. firms have been leading the way in research and design, scaling globally leading companies remains a challenge. Often, research and innovation stemming from the sector is monetized early to larger foreign-controlled firms that ultimately benefit from the intellectual property, investment and economic benefits, often transferring them out of province.
Given the social, business and political demands for Canada to become more self-sufficient when it comes to our medical requirements, it’s incumbent upon the sector, with support of the provincial and federal governments, to capitalize on this chance — and grow the sector here at home.
To achieve the sector’s potential in B.C., we need to focus on:
Entrepreneurial leadership
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to translate our great science into world-class, B.c.-based global companies. While science will always be the most important part of the sector, taking the industry to the next level will require entrepreneurial business skills if we’re to keep high-paying, high-quality jobs and investment in the province.
Attracting Canadian and
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global institutional investors who have the confidence and willingness to invest in early stage companies and then support them for the long haul. The sector has a sustained track record of success and it’s time to leverage that strong hand to seek growth equity funds that are committed to taking these firms to scale.
Greater recognition,
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engagement and support from the provincial government. The sector has significant potential to add to B.C.’S economy through increased investment and jobs. While the province supports the sector, it could do more to promote an increased level of investment in B.C.
B.C.’S life sciences sector is playing a key role in the fight against COVID-19, helping us take a turn on the global stage. But we have the potential — and need — to do much more in the fight against inevitable future pandemics and other medical challenges that require our advanced, leading-edge solutions.
Our physical and economic health depends on it.
A full return to normal depends on our ability to find proven treatments and ultimately a vaccine to eradicate this virus — and future viruses.