A first of its kind report has been released by Life Sciences Ontario (LSO) that shows the economic impact the sector is having on Ontario. Dubbed the “Life Sciences Ontario Sector Report 2015,” which also indicates we’ll see another report next year, indicates that the LSO sector has everything in place to be a global leader.
Ontario is currently second in North America in Life Sciences organizations, right behind California. From a revenue standpoint, Ontario’s Life Sciences generates about $40 billion in annual revenues, which employ approximately 83,000 at more than 5,600 companies in Ontario.
Not all the information contained within the report is rosy, however. For example, the Life Sciences sector in Ontario has seen a 20 percent decline in VC funding since 2001. In addition, 63 percent of Ontario Life Sciences companies have less than 10 employees, and only four percent have more than 100.