Eastern Health (EH), the most populous region of the four Newfoundland and Labrador (NL) Regional Health Authorities, has been advancing innovation to improve patient care, health outcomes and provincial economic development. This paper describes how EH engaged with the provincial Department of Finance to estimate the direct, indirect and induced economic impacts on provincial gross domestic product, employment and employment income from innovation-related activities. The modelling demonstrated significant economic benefits in both 2019 and 2020. There was a large increase in 2020 due to pandemic-related personal protective equipment manufacturing opportunities. The number of well-paying jobs created also increased. Local healthcare innovation was stimulated by EH's Living Lab, Health Innovation Team and increased coordination between vendor partners, Memorial University, the NL Centre for Health Information and government funding agencies.