Non-profit seeks to increase revenue in P.E.I.'s bioscience sector to $1B

Anon-profit organization that oversees P.E.I.'sburgeoning bioscience sector has launched a newstrategic plan, setting its sights onincreasing private sector revenueto $1 billion by 2030.

The P.E.I. BioAlliance co-ordinates with a cluster of business, academic, research and government organizations to help developthe Island's bioscience industry, which has seen major growth in recent years.

Oliver Technow, CEO ofpharmaceutical companyBioVectra and chairperson of theP.E.I. BioAlliance, said the 2021-25 strategy seeks to capitalize on that success, but also creates a clear roadmap forhow to move forward.

Technow said that includes completing the construction of the firstbioscience manufacturing incubator in the region.

"This is fundamental. We want to complete this as soon as possible to create the home and the hub for the Canadian biomanufacturing centre of excellence that P.E.I. is hoping to become," he said.

The bioscience sector on P.E.I. includes more than 60 companies and 2,000 employees.In 2019, private sector companies earned more than$260 million in revenue and attracted $38 million in investment.

Developing a skilled workforce

The strategy seeks to"aggressively increase" private sector revenue, employment, investment attraction, capital expenditures and spending on research and development. The hope is forcompanies to achieve $500 million in revenue by 2025 and $1 billion by 2030.

Technow said the strategy includes a plan to attract and develop businesses on the Island, working with provincial and municipal governmentsto establish industrial parks for the expansion of the bioscienceindustry.

But the single biggest "strategic pillar" ofP.E.I. BioAlliance's plan is to develop a skilled workforce.

Part of this includes working with the Canadian Alliance for Skills and Training in Life Sciences, whichoffers industry-informed programming and training in the bioscience field.

"It's new-skilling, up-skilling and re-skilling," said Technow, referring to bringing new people into the field through partnerships with the region's universities but also providing more training to people already in the industry.

Technow said the industry on Prince Edward Island is "punching way, way above its weight."

He said part of the success of the industry can be attributed to consistency in the goals among businesses and government and also a clear commitment to the sector that has "never wavered" between all levels of government.

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