MaRS Health applauds the Ontario government’s support of health innovation in today’s budget
The adoption of the recommendations made in the Ontario Health Innovation Council (OHIC) catalyst report mark a critical step in enhancing Ontario’s health technology sector. MaRS is looking forward to working with the new Office of the Chief Health Innovation Strategist to advance health technology and particularly lauds the emphasis on seeding and supporting Ontario-grown health technology innovators who struggle with getting their products to the Ontario market.
It is estimated that the global market for medical devices alone will reach US $440 billion by 2018. If the health sector works collaboratively to support and validate technologies before they are marketed elsewhere, Ontario has the opportunity to become a global powerhouse in this growing field.
MaRS’ internationally recognized EXCITE (Excellence in Clinical Innovation and Technology Evaluation) program is already working to connect promising health technologies to the Ontario health system for evaluation. With today’s funding announcement we can expect more Ontario-made health technologies to get to patients faster for improved citizen health and a stronger health economy.
About MaRS Discovery District
MaRS Discovery District (@MaRSDD) in Toronto is one of the world’s largest urban innovation hubs. MaRS cultivates high-impact ventures and equips innovators to drive economic and societal prosperity. MaRS provides expert advice and market research, and makes connections to talent, customers and capital. MaRS startup ventures have created 6,500 jobs and, in the last three years alone, they have raised $1 billion in capital and generated $500 million in revenue.
MaRS Health supports over 250 Ontario-grown health technology startups with connections to capital and help navigating the regulatory and procurement systems in Canada and abroad.