Minister Parsons Releases 2024-26 HealthTech and BioTech Ecosystem Action Plan

Following engagement with stakeholders, the Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced the release of the Provincial Government’s 2024-26 HealthTech and BioTech Ecosystem Action Plan. The announcement was made at techNL’s Innovation Week Conference in St. John’s.

The HealthTech/BioTech sector in Newfoundland and Labrador is in its early stages in terms of the number of commercialized companies; however, there is a growing number of companies entering the sector. Efforts by Bounce Health Innovation initiative, hosted by techNL and supported by Genesis and other early-stage ecosystem partners, have led to a significant increase of new start-up firms within the province. Supports by Newfoundland and Labrador Health Services have also helped to establish a concentrated cluster of promising companies in all levels of business development.

HealthTech is the innovative application of technology in the field of health care. It encompasses various technological tools and advancements that cut across industries, such as software, hardware and devices, artificial intelligence and data analytics, to enhance the delivery and management of health care services.

From telemedicine to wearable medical devices and in-patient hospital care, these technologies transform how health care is accessed and managed. The importance of HealthTech innovation to the province lies in its potential to revolutionize the approach to health care, improving patient outcomes, streamlining processes, and increasing access to quality care, while also expanding economic growth and trade opportunities for the province.

BioTech primarily focuses on the use of living cells and other cell materials to better understand and improve human health. The science involved includes the use of these tools for research to find more efficient ways of maintaining human health, understanding pathogens, and understanding human cell biology. Key areas of focus for BioTech in this province include genomics and precision medicine applications.

The Action Plan will provide a path forward to guide the ongoing growth of this sector in Newfoundland and Labrador. It was developed in response to a stakeholder consultation report commissioned by the Provincial Government in partnership with Bounce Health Innovation and responds to the key challenges that were identified.

The Action Plan presents a vision of a HealthTech/BioTech sector that supports innovative technologies, accelerates access, invests in research and development, enhances coordination and collaboration, and supports companies to develop locally and employ highly qualified people to grow and scale their opportunities globally. It achieves these goals through four key pillars:

• A connected innovation ecosystem.
• Access to capital, R&D and business supports.
• Data driven insights and personalization.
• Regulatory excellence, guidance, and ethical leadership.

The plan lays out six key objectives and 12 actions for the Provincial Government and its partners. By working together to address key challenges and seize emerging opportunities, these partners will work to unlock the sector’s full potential.

Through implementation of the Action Plan, the Provincial Government will support growth within the ecosystem, seek to develop a critical mass of HealthTech/BioTech start-up companies, and globally promote the potential of Newfoundland and Labrador’s excellence in HealthTech and health research to spur further growth and investment.

Quotes
“The HealthTech and BioTech sector holds much promise for improving the quality of life for Newfoundlanders and Labradorians. The companies that make up this ecosystem are providing unique solutions to a variety of health care challenges within the province and globally. This action plan will help lead us towards providing a sustainable path to commercialization for emerging start-up companies and established companies seeking research and development opportunities.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology

“Technological innovations in health care have tremendous potential when it comes to improving the quality and delivery of health care services in the province. This Action Plan will support our government’s ongoing efforts to transform our health care system, and also aligns with the Health Accord’s recommendations to leverage technology to improve health across the province.”
Honourable John Hogan, KC
Minister of Health and Community Services

“This sector has seen tremendous growth over the past five years and the Action Plan announced today shows the province’s commitment to removing barriers and building the foundations for continued success. It’s a real joy to see so many of Newfoundland and Labrador’s brightest minds build successful companies by using advanced technology to tackle health care’s biggest challenges. Health care is rapidly being transformed and companies from this province are a part of that wave.”
Andy Fisher
Director, Bounce Health Innovation

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HealthTech and Biotech Ecosystem Action Plan

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2024 10 01
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