Editorial - 25-20

The grandiose expectations of the biotechnology revolution associated with the heady days of the tech boom have faded from memory, but the platform technologies associated with it are expected to continue contributing to Canada's economy for the foreseeable future. A new report on the value of biotech activities estimates that its share of national GDP will reach 4% by 2030 (see page 5).

The Genome Canada-commissioned report is a valuable addition to our understanding of how biotechnology permeates all facets of the economy but the foresight exercise was made much more difficult by the lack of solid data.

As the report notes, Statistics Canada cancelled a key set of biotech data due to lack of funds. Compounding the problems is the demise of the Canadian Biotechnology Advisory Committee, an Industry Canada initiative designed to provide government efforts with strategic advice.

Without the necessary data, the report's author made a number of measured assumptions to provide a window on biotech's future in Canada. The opportunities are considerable and the potential impacts on the economy warrant further examination.

Canada has great strength in biotechnology. But as the technologies mature, the industrial base is fragile. Most of Canada's biotech firms are tiny and the venture capital sector's love affair with all things biotech has long since ended. Growing and sustaining firms is key.

It's time to re-energize the tracking of trends and data collection to ensure that the sector has the best tools possible for planned, strategic growth.