Canadian Drug Companies

[Onthego]

QLT-T NR today 91m at 8.79

Post says QLT, others look across border for help


2006-04-06 07:42 ET - In the News

The Financial Post reports in its Thursday edition almost half of Canada's biotech companies are planning to move all or part of their business outside Canada to more business-friendly areas. CanWest's Gillian Shaw writes that is according to a joint report from BIOTECanada and PricewaterhouseCoopers. The responses from the cross-Canada survey indicate the country stands to lose almost half of its life science and biotech companies if it fails to provide a more sustainable business environment. "When we see 48 per cent of companies are looking to move all or part of their companies outside Canada, it raises an alarm," said Peter Brenders, president of BIOTECanada. "I think we can do better and I think this is a wakeup call." A range of factors are to blame. There are tax considerations that deters foreign investment in Canadian companies. Also, immigration policies make it difficult for companies here to attract much-needed talent. And there is a lack of venture capital, particularly for early-stage biotechs. The report was released on the same day as QLT announced it is partnering with a Seattle company to develop new drugs for the prevention and treatment of degenerative diseases of the retina.