Innovation in $4-billion medical and assistive technologies sector leads to better healthcare, new businesses and knowledge-based jobs

TORONTO, Ontario – Already the epicenter of Canada’s medical and assistive technologies (MAT) sector, Ontario has the opportunity to take a leading worldwide role in MAT research, development and commercialization, creating robust, skilled local employment and contributing to innovative healthcare delivery on a global scale, according to the Health Technology Exchange (HTX), a non-profit organization established by the Ontario Ministry of Research and Innovation (MRI) to help accelerate the development of the $4-billion MAT industry sector in Ontario.

At an open house hosted at the MaRS Centre and attended by the Honourable John Wilkinson, Minister of Research and Innovation, HTX celebrated its successful relocation to the MaRS Discovery District as well as the organization’s recent successes in helping to spark collaboration between academia and the private sector to spur Ontario’s development of a globally competitive MAT sector.

“The Ontario government and Minister Wilkinson are to be commended for their foresight in helping to establish and fund HTX as a driver to help accelerate the growth of the medical and assistive technologies industry sector in Ontario,” said Dr. Mickey Milner, President and Chief Executive Officer, htx.ca-The Health Technology Exchange. “Ontario’s MAT sector has been identified as having significant potential as an engine of economic growth and prosperity and its success will undoubtedly increase the commercialization of publicly funded research, create a more knowledge economy jobs and increase export sales.”

“Ontario is serious about innovation. And we are committed to supporting research and commercialization partnerships that will turn good ideas into innovative products and services that we can sell to the world – to create a cleaner environment, better healthcare and Ontario’s next generation of jobs,” said John Wilkinson, Minister of Research and Innovation. “The Health Technology Exchange (HTX) has an important role to play in our government’s efforts to help this high-growth, innovative industry establish itself in a meaningful way here in Ontario and around the globe.”

HTX has received $1.5 million in funding annually since 2004 from the Ontario government through the Ministry of Research and Innovation. The organization has received 135 expressions of interest (EOIs), invited 73 full proposals and approved funding for 42 projects within the sector over that four-year period. Including the required matching funds from MAT sector applicants, the various programs have supported more than $7.4 million worth of research projects at Ontario universities, colleges, research hospitals and institutions that are developing new commercialization opportunities for their partners, Ontario MAT sector companies.

During the open house, six Ontario companies demonstrated technologies that are on the path to commercialization as a result of financial or other related support services provided by HTX, including GestureTek Health, Kerber Applied Research Inc., Quanser Consulting Inc., Rimon Therapeutics Ltd., Quillsoft Ltd. and Xceed Molecular Corporation.

“HTX was instrumental in helping our company successfully bring our technology to market,” said Dr. Fraser Shein, President of Quillsoft Ltd. “We are a small firm with great technologies, but it was HTX that helped us to operate on a much larger scale by assisting with the much-needed collaboration with funders, researchers, marketers and others to bring our idea to reality.”

The MAT sector includes a wide range of medical diagnostic, therapeutic and rehabilitative products based upon diverse branches of science and engineering including microelectronics, biomaterials and bioengineering, optics, and increasingly, biotechnology and pharmaceuticals. In 2004 there were an estimated 1,500 MAT firms in Canada which employed approximately 35,000 people, 60 per cent of that in Ontario, generating in the order of $6 billion in revenues.

About htx.ca-The Health Technology Exchange

Established in 2004 by the Ontario government through the Ministry of Research and Innovation, htx.ca-The Health Technology Exchange (HTX) serves as an exchange for Ontario-based companies involved in the MAT sector, helping them to develop new and improved, innovative products and processes. HTX provides information and advice, networking and connections, funding and leverage that adds economic and social benefits to Ontario through healthcare improvements for its citizens, increased revenues, productivity and employment within the MAT industry sector. For further information, please visit our web site at www.htx.ca.