Ontario Investing Over $4 Million to Expand R&D in Medical Devices
Investment Will Create Jobs and Increase Exports
Ontario is partnering with Baylis Medical Company to support an R&D expansion project at the company's Mississauga manufacturing plant that will increase exports, create 84 new jobs and retain 194 positions.
Ontario will invest up to $4.22 million through the Jobs and Prosperity Fund to support Baylis' expansion into a new state-of-the-art facility that will double the company's environmentally controlled rooms and R&D spaces. This expansion will allow Baylis to almost double its exports over the next seven years and help the company reach new international markets, including Australia, Brazil, China and South Korea. Ontario's investment secures a $32.5 million investment from Baylis towards the new facility.
Strategically partnering with businesses is part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario's history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
- Baylis develops and manufactures medical devices that are used in cardiology, radiology, and spinal procedures.
- This project will enhance research collaborations between Baylis and various academic and research institutions in Ontario, such as Sunnybrook Research Institute, University of Toronto, London Health Sciences and Sick Kids Hospital.
- Ontario’s life sciences sector contributes more than $38 billion towards the province’s GDP and, in 2014, exported about $8.3 billion in goods, representing 75 per cent of total Canadian life sciences exports.
- The Jobs and Prosperity Fund (JPF) is providing $2.7 billion over 10 years to enhance productivity, bolster innovation and grow Ontario’s exports.
- Ontario’s Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.
“Our number-one priority is growing the economy and creating jobs. The government’s support for Baylis Medical will help them expand facilities, ramp up their important research and development work and leverage new and innovative technologies. These efforts will allow Baylis Medical to strengthen their exports and significantly increase global competitiveness.”
“Today’s announcement is great news for Mississauga. I’m delighted that our government continues to invest in our life sciences sector by supporting innovative companies like Baylis Medical that generate significant economic activity, both at home and abroad.”
“On behalf of the City of Mississauga, I would like to acknowledge the government of Ontario for partnering with private-sector job creators and making this important investment toward supporting the long-term growth and competitiveness of Baylis Medical, here in Mississauga. The Wynne government’s commitment to invest in leading companies, like Baylis Medical, will generate new and lasting economic development benefits for Mississauga. This investment will better position Mississauga as a thriving hub of global life science businesses.”
“We are pleased to be partnering with the Ontario government on this expansion project. Our company has a track record for developing and commercializing advanced medical devices. This new facility will give us the space to increase production and hire additional resources to expand our portfolio of innovative products. This strategic partnership will help us compete and succeed globally.”