British Columbia is home to the fastest-growing life-sciences sector in Canada.
More than 2,000 companies—such as medical laboratories, pharmaceutical firms, and medical device manufacturers—employ 26,000 people province-wide.
Through the Look West Strategy, the Province wants to raise sector employment to over 40,000.
As part of this strategy, B.C. is seeking to boost intellectual property in the region’s life sciences sector.
To do so, the Province “is opening up consultation on a potential patent box regime,” according to Brenda Bailey, who serves as Minister of Finance.
Patent boxes, which tax profits derived from patents and intellectual property at a lower rate than standard corporate income tax, “are recognized internationally as a tool to foster innovation,” says Bailey.
The news was unveiled during Web Summit Vancouver, which provides “important opportunities for B.C. companies to showcase their intellectual property on the world stage,” according to Bailey.
“I am looking forward to hearing from B.C.’s life-sciences sector about how this approach could help them grow and continue contributing to the province’s economy,” the minister stated.
Life-sciences organizations, businesses, and research entities are invited to share their perspectives, she said.
The Province is seeking feedback via online survey through June 24.
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