Tuesday, January 15, 2008

Ontario gives pharmaceutical companies $150 million for jobs, research

From the Canadian Press:
Ontario must invest taxpayer dollars in the research and development efforts of big drug companies if it hopes to keep good-paying jobs in the province, Research and Innovation Minister John Wilkinson said Wednesday as he announced a $150-million fund for pharmaceutical firms.

The New Democrats criticized the Liberal government for giving $150 million to one of the most profitable industries in the world, but Wilkinson said Ontario wants to make sure research that leads to a new drug also results in new manufacturing jobs for the province.

"There's a race for global jobs, and our intention is to make sure that we win that race," Wilkinson said after announcing the fund at a Toronto research centre.

"It's very important for us that we partner with industry to make sure that global mandate is secured right here in Ontario, whether it's making cars or it's investments in the bio-pharmaceutical industry."

The fund for pharmaceutical companies is modelled after the province's auto sector fund, a $500-million program that the Liberals say leveraged $7 billion in new investments in Ontario by the big automakers. ...more

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