BC's Growing Life Sciences Sector

The Life Sciences Sector
in BC
Economic Impact Now and in the Future
October 2015

2
Table of Contents
Foreword ...........................................................................................................................................4
Executive Summary ...........................................................................................................................5
Life Science in BC – At a Glance................................................................................................................... 5
What is Life Science? .........................................................................................................................6
Defining the Life Sciences Sector.................................................................................................................. 6
Overall Canadian Landscape of Life Sciences................................................................................................ 7
Life Sciences Metrics by Province................................................................................................................. 9
Trends – Life Sciences Metrics between 2010 and 2014...............................................................................14
Value Added Impacts of Life Sciences in BC ................................................................................................15
Government – Synchronizing Initiatives, Resources, and Funding...............................................................15
Access to Funding and Capital.....................................................................................................................21
Access to Talent & Knowledge.................................................................................................................... 22
Startup Lifecycle for Life Sciences .............................................................................................................. 23
Conclusion.......................................................................................................................................26
What is the collective provincial ambition for life sciences in BC now and in the future? ............................. 26
Appendix..........................................................................................................................................27
i. Glossary and Acronyms............................................................................................................................27
ii. List of Applicable Life Science NAICS Codes........................................................................................... 28
iii. Life Science Classification Methodology ................................................................................................ 29
iv. Enrolment Calculations......................................................................................................................... 33
v. Funding Calculations.............................................................................................................................. 34
vi. Payroll Calculations................................................................................................................................37
vii. Largest Life Science Companies in BC (by # of BC Staff) ....................................................................... 38
viii. LSBC Membership List (Alphabetical) ................................................................................................. 39
ix. Contacts.................................................................................................................................................41

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This report has been prepared for the sole use of LifeSciences British Columbia in accordance with the terms of our
General Service Agreement and for no other purpose. The report is meant to be viewed in its entirety and not to be
disassembled. This information has been prepared solely for the use and benefit of Life Sciences British Columbia.
PwC disclaims any contractual or other responsibility to others based on its use and, accordingly, this information
may not be relied upon by anyone other than by LifeSciences British Columbia.

4
Foreword
British Columbia’s life sciences sector is a significant contributor to the
economy and health of British Columbia. Our industry brings innovation to
patients through diverse organizations, growth of a skilled workforce and
development of a knowledge-based bio-economy.
Our life sciences industry is embedded in the larger life sciences community in British Columbia, which brings together
scientists, health institutions, hospitals and government. LifeSciences BC represents a vibrant community of innovative
organizations. The innovation that powers our industry relies on a chain of purposeful events that drive ideas to
commercialization. This starts with supporting our scientists who discover and develop innovation, assisting in the rapid
identification of commercial potential to defining where pre-clinical and clinical research are performed to the final stage of
commercialization where innovation can be used to improve the lives of patients locally and globally.
British Columbia has the necessary ingredients to commercialize innovation. We are home to one of the most entrepreneur-
rich regions in North America and we have a pipeline of world-class scientists with big ideas supported by one of the best
healthcare systems in the world. This report was commissioned to support the improved definition of the life sciences
community in BC, provide comparison to other provincial life sciences communities in Canada, and articulate some of the
challenges that our sector are faced with in achieving our collective ambitions.
Our success will be contributing to healthier lives, improved patient outcomes, a thriving life sciences community, and a
growing knowledge-based economy. This can only be achieved if we are working together to prioritize and coordinate the
development of life science companies, community, and cluster. Our ability to work collaboratively will enable us to establish
the foundation of our future bio-economy that will deliver both economic value and better health for British Columbians.
Paul Drohan
President and CEO
LifeSciences BC

5
Executive Summary
Innovations in life sciences have an ability to transform health systems, create skilled jobs, and grow a knowledge-
based economy. Annually, the life sciences sector in British Columbia (BC) employs almost 180,000 people and
contributes $14.4 B to BC’s gross domestic product (GDP) while contributing $606 M in direct tax (based on 2014
figures). Impressively, the life sciences sector has continued to grow over the past five years with increases in all
areas including: direct employment, annual wages, payroll impact, and BC taxes paid. It is important to note the
unique attributes of the life sciences sector as distinct from the high tech sector, which it is occasionally included as
a subgroup of. Specifically, the maturity of the pharmaceutical and biopharmaceutical product lifecycle requires a
lengthy clinical trials period (pre-clinical, phase 1, phase 2, and phase 3) to determine safety and efficacy in patients
before commercial sales begin. The clinical trials phases create gating opportunities for investors to determine risk
level before investments are made but also lengthens the return on investment timeline versus the high tech sector.
Life Science in BC – At a Glance
Through our analysis we identified several challenges that may inhibit continued growth in BC’s life science sector:
1. Access to Capital – Increased levels of investment from all credible sources is required at all phases of
product development and BC has a lower level of capital access than Ontario (venture capital and private equity
investments totaled $352 M in BC in 2014 vs. $2,336 M in Ontario), while Canada generally needs greater
investment to compete globally.
2. Access to Talent – This includes developing talent in life sciences through our universities and academic
centers, attracting experienced talent to a highly livable but expensive city like Vancouver. Our talent pool
would drive expansion, improve our ability to compete, and developing experienced entrepreneurs to grow
multiple businesses.
3. Synchronization of various government initiatives and regulatory processes – National, provincial,
and local initiatives would potentially have greater impact with increased coordination of efforts in areas of
regulatory, policy and funding.
4. Access to Licensing and Strategic Partners – A significant majority of life sciences companies in BC have
under 10 employees (84%), the three options available for growth are 1) organic growth requiring greater
funding access, 2) licensing the product or technology to a larger organization to improve market development
and commercialization opportunities, and 3) improved access to strategic partners who intend to support
fledgling organizations to develop their products, market, and commercialization capabilities.
An important question has also been raised through this analysis:
What is the collective provincial ambition for life sciences in BC now and in the future?
Core
Definition
2010 2011 2012 2013 2014
5-Year
CAGR
Number of
Establishments*
N/A 1,142 1,170 1,212 1,154 0.4%
Direct
Employment
10,233 10,707 11,054 11,167 11,172 2.2%
Average Annual
Wage
64,730 63,204 63,249 72,170 65,376 0.3%
Estimated
Payroll Impact
$0.66 B $0.68 B $0.70 B $0.81 B $0.73 B 2.5%
Estimated BC
Tax Paid
$27 M $33 M $31 M $31 M $38 M 8.6%
* Establishments with indeterminate size (by employees) were excluded for comparison purposes as this information was unavailable in 2014 (CANSIM 552-0001).
** Note that the remainder of this report will use data from the expanded definition.
Expanded
Definition**
2010 2011 2012 2013 2014
5-Year
CAGR
Number of
Establishments*
N/A 15,810 16,152 17,567 17,451 3.4%
Direct
Employment
155,587 162,695 165,129 169,625 177,914 3.4%
Average Annual
Wage
47,061 53,018 49,359 48,572 57,117 5.0%
Estimated
Payroll Impact
$7.32 B $8.63 B $8.15 B $8.24 B $10.16B 8.5%
Estimated BC
Tax Paid
$417 M $509 M $466 M $466 M $606 M 9.8%

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What is Life Science?
Defining the Life Sciences
Sector
Life sciences is comprised of scientific fields that
involve the scientific study of living organisms.
However, the life science sector is inherently difficult
to define as it contains companies that cross multiple
industry verticals such as healthcare, technology,
manufacturing, etc.
The diagram below depicts the overall methodology
used to determine the definition of life sciences in BC
for this sector report according to the following steps
(refer to Appendix iii – Life Science Classification
Methodology for details):
1. Determine the core definition of life sciences
in BC
2. Include additional industries in the expanded
definition as applicable to life sciences in BC
3. Gather raw data from Statistics Canada
4. Due to data limitations, determine weighting
to be assigned to each industry group
5. Calculate relevant life science metrics
LifeSciences BC and its
Membership
LifeSciences BC (LSBC) is a not-for-profit, non-
government, industry association that supports and
represents the life sciences community of British
Columbia through leadership, facilitation of
investment and partnering, advocacy, and promotion
of our world-class science and industry locally and
internationally.
LSBC’s membership is comprised of over 200
organizations and individuals across a wide array of
businesses that support life sciences and businesses
with a specific focus on: (1) Research, Testing, and
Medical Laboratories, (2) Drugs and
Pharmaceuticals, and (3) Medical Devices and
Equipment. Note that detailed employee information
was not available for LSBC members and as such, the
impact on GDP, employment, and payroll tax could
not be specifically delineated for the LSBC
membership group at this time.

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Overall Canadian
Landscape of Life Sciences
The Canadian economy is comprised of many
different industry groups including real estate,
manufacturing, mining, construction, etc. but there is
no formal definition of a life sciences industry group.
The distinctness of this industry and its definition is
important in recognizing its significant contributions
to the Canadian economy, scientific advancement,
and benefit to Canadians and patients world-wide.
As such, based on the methodology as described in
Appendix iii – Life Science Classification
Methodology, a life sciences industry group has been
“carved out” of the existing North American Industry
Classification System (NAICS) industry groups in
Canada. NAICS codes were used as they provided the
best available Canadian data by industry sector.
As in the following table, life sciences is embedded
within five of the major industry groups based on
GDP (share of industry group GDP related to life
science is noted in brackets):
1. Health Care and Social Assistance (71%)
2. Wholesale Trade (21%)
3. Retail Trade (11%)
4. Professional, Scientific, and Technical
Services (6%)
5. Manufacturing (3%)
If life sciences were a standalone industry group, it
would be the fifth largest industry group in Canada
based on 2014 GDP of $117 billion.
Although the life sciences sector is growing and
gaining more prominence in Canada, it is still a
relatively small portion of the overall Canadian
economy (7% of overall GDP). Furthermore, the
number of Canadians that are employed by life
science companies as well as the number of life
science establishments are both at 8% and 9% of
their respective overall totals. This indicates that
these three metrics appear to be correlated.

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# Industry Group
2014 GDP
($ M)
# Industry Group
2014 GDP
($ M)
1 Real Estate Rental and Leasing 206,367 12 Transportation and Warehousing 68,160
2 Manufacturing (non-Life Science) 168,066 13 Information 52,322
3 Mining 136,916 14 Administrative and Support and
Waste Management and
Remediation Services
41,173
4 Construction 117,570
5 Life Science 117,221 15 Utilities 39,532
6 Finance and Insurance 110,968 16 Accommodation and Food Services 34,181
7 Public Administration 109,262 17 Other Services (except Public
Administration)
32,538
8 Educational Services 84,516
9 Professional, Scientific, and
Technical Services (non-Life
Science)
82,146 18 Health Care and Social Assistance
(non-Life Science)
32,282
10 Retail Trade (non-Life Science) 79,572 19 Agriculture, Forestry, Fishing and
Hunting
25,977
11 Wholesale Trade (non-Life Science) 72,226 20 Management of Companies and
Enterprises
11,833
21 Arts, Entertainment, and Recreation 11,427
Total Canadian GDP
(2014):
$1.63 T
Total # of Canadian
Establishments (2014):
1.2 M
Total Canadian
Employment (2014):
15.3 M
All Other
Industries
93%
Life Science
Only
7%
Life Science GDP vs. Total
Canadian GDP (2014)
All Other
Industries
92%
Life Science
Only
8%
Life Science Employment vs. Total
Canadian Employment (2014)
($0.12 T)
($1.51 T)
(1.3 M)
(14.0 M) All Other
Industries
91%
Life Science
Only
9%
# of Life Science Establishments vs.
Total # of Canadian Establishments
(2014)
(0.1 M)
(1.1 M)

9
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
AB BC MB NB NL NS NT NU ON PE QC SK YT
%ofOverallCanadianEmployment/GDP/Establishments
Life Science Metrics by Province
GDP Employment Establishments
Life Sciences Metrics by
Province
As described in the above section, it appears that life
science-related GDP, direct employment, and
number of establishments should be relatively
consistent across the country. However, as can be
seen in the following graph, BC and Quebec present
data to the contrary.
The total number of BC life science establishments
comprises 17% of the total number of life science
establishments across Canada but BC’s share of life
science GDP is only 12% of the overall Canadian life
science GDP total. This suggests that BC has
relatively more small companies that generate
relatively less GDP.
However, Quebec’s life sciences sector contributes to
24% of overall Canadian life science GDP.
Furthermore, the number of Quebec’s life science
establishments comprise only 16% of the Canadian
total which is even less than that of BC. This means
that Quebec has less life science establishments than
BC but generates twice the amount of GDP from
them and is likely an indicator of larger and more
mature companies in Quebec. A possible explanation
is that a significant number of large pharmaceuticals
have Canadian headquarters based in the Toronto
and Montreal areas.
In addition, the below table indicates that the
majority of Canadian life science activity is
concentrated in four provinces: Ontario, Quebec,
British Columbia, and Alberta. Therefore, the
remainder of this report will only focus on the
comparisons and the economic impacts associated
with these four provinces. The below table provides a
summary that shows minimal life science activity in
the rest of Canada.
Province GDP Direct
Employment
# of
Establishments
Ontario 41% 40% 41%
Quebec 24% 25% 16%
British
Columbia
12% 14% 17%
Alberta 13% 11% 13%
Rest of
Canada
10% 10% 13%
Quebec has a much lower
establishment to GDP ratio which
indicates that there are a fewer
number of large companies.
BC has the highest establishment to
GDP ratio, signaling a large number
of small companies.

10
Snapshot – Life Sciences Metrics in British Columbia in 2014
In terms of GDP related to life sciences in BC, a significant portion (45%) is related to two significant areas: (1)
general medical and surgical hospitals and (2) health and personal care stores. Similarly, these two areas comprise
53% of direct life science employment in BC.
In line with the direct employment figures above, the
total number of establishments in these two areas
comprises 54% of all life science establishments in BC.
It is also important to note that BC’s life science sector is
concentrated in small companies (84% of life science
companies have less than 10 employees). However, there
are still a small number of large companies in BC (refer
to Appendix vi – Largest Life Science Companies in
BC).
Based on the above metrics, life sciences in BC has room
to grow in order to catch up to Ontario and Quebec in
terms of size and maturity.
General
Medical and
Surgical
Hospitals , 30%
Health and
Personal Care
Stores , 15%
Offices of
Physicians , 10%
Outpatient Care
Centers , 8%
Offices of
Dentists , 7%
Offices of Other
Health
Practitioners ,
7%
Home Health
Care Services ,
5%
2014 LS GDP in BC
General
Medical and
Surgical
Hospitals , 40%
Health and
Personal Care
Stores , 13%
Offices of
Physicians, 10%
Outpatient Care
Centers , 9%
Offices of
Dentists , 9%
Offices of Other
Health
Practitioners ,
5%
2014 LS Direct Employment in BC
1 to 9
employees
, 84%
10 to 49
employees,
13%
50+
employees,
2%
General
Medical and
Surgical
Hospitals , 40%
Health and
Personal Care
Stores , 14%
Offices of
Physicians , 13%
Outpatient Care
Centers , 13%
Offices of
Dentists , 5%
Offices of Other
Health
Practitioners ,
14%
2014 LS Establishment Distribution
in BC

11
Snapshot – Life Sciences Metrics in Ontario in 2014
A significant portion (43%) of life sciences in Ontario is related to two significant areas: (1) general medical and
surgical hospitals and (2) health and personal care stores. Similarly, these two areas comprise 50% of direct life
science employment in Ontario.
comprises 52% of all life science establishments in
Ontario.
Ontario’s life science establishment distribution is
similar to BC in that 83% of establishments have less
than 10 employees (vs. 84% in BC).
Based on the above metrics, Ontario’s life science sector
is the clear leader in the Canadian marketplace in terms
of size and potential funding available.
General
Medical and
Surgical
Hospitals , 28%
Health and
Personal Care
Stores , 15%
Offices of
Physicians , 11%
Outpatie…
Offices of
Dentists , 7%
Offices of Other
Health
Practitioners ,
6%
Home Health
Care Services ,
5%
2014 LS GDP in ON
General
Medical and
Surgical
Hospitals , 37%
Health and
Personal Care
Stores , 13%
Offices of
Physicians , 9%
Outpatient Care
Centers , 7%
Offices of
Dentists , 6%
Offices of Other
Health
Practitioners ,
6%
Home Health
Care Services ,
6%
2014 LS Direct Employment in ON
1 to 9
employees
, 83%
10 to 49
employees,
14%
50+ employees,
3%
General
Medical and
Surgical
Hospitals , 37%
Health and
Personal Care
Stores , 15%
Offices of
Physicians , 15%
Outpatient Care
Centers , 14%
Offices of
Dentists , 5%
Offices of Other
Health
Practitioners ,
14%
in ON

12
Snapshot – Life Sciences Metrics in Quebec in 2014
A significant portion (42%) of life sciences in Quebec is related to two significant areas: (1) general medical and
science employment in Quebec.
Quebec.
Although life sciences in Quebec drives similar figures
in terms of % of overall GDP and % of overall
employment vs. BC and Ontario, Quebec does so with
fewer small size companies that have less than 10
employees (only 77%). This suggests a movement up the
maturity curve from startup companies to more
established companies.
Based on the above metrics, Quebec has a large life
science footprint but appears to suffer from a lack of
direct funding from VC and PE investors in recent years.
General
Medical and
Surgical
Hospitals , 29%
Health and
Personal Care
Stores , 13%
Offices of
Physicians , 10%
Outpatient
Care Centers ,
8%
Offices of
Dentists , 8%
Offices of Other
Health
Practitioners ,
6%
Home Health
Care Services ,
5%
Other
Ambulatory
Health Care
Services , 5%
2014 LS GDP in QC
General
Medical and
Surgical
Hospitals , 40%
Health and
Personal Care
Stores , 14%Offices of
Physicians , 11%
Outpatient Care
Centers , 5%
Offices of
Dentists , 5%
Offices of Other
Health
Practitioners ,
4%
Home Health
Care Services ,
4%
2014 LS Direct Employment in QC
1 to 9
employees,
77%
10 to 49
employees,
19%
50+
employees, 4%
General
Medical and
Surgical
Hospitals , 32%
Health and
Personal Care
Stores , 19%
Offices of
Physicians , 15%
Outpatient Care
Centers , 13%
Offices of
Dentists , 4%
Offices of Other
Health
Practitioners ,
17%
in QC

13
Snapshot – Life Sciences Metrics in Alberta in 2014
A significant portion (46%) of life sciences in Alberta is related to two significant areas: (1) general medical and
science employment in Alberta.
Alberta.
Based on the above metrics, the life sciences sector in
Alberta is relatively similar to that of BC, Quebec, and
Ontario but on a smaller absolute scale with the
exception of PE funding.
General
Medical and
Surgical
Hospitals , 30%
Health and
Personal Care
Stores , 16%Offices of
Physicians , 14%
Outpatient
Care…
Offices of
Dentists , 6%
Offices of Other
Health
Practitioners ,
6%
Home Health
Care Services ,
5%
2014 LS GDP in AB
General
Medical and
Surgical
Hospitals , 41%
Health and
Personal Care
Stores , 12%
Offices of
Physicians , 12%
Outpatient Care
Centers , 9%
Offices of
Dentists , 6%
Offices of Other
Health
Practitioners ,
5%
Home Health
Care Services ,
4%
2014 LS Direct Employment in AB
1 to 9
employees, 81%
10 to 49
employees, 16%
50+ employees,
3%
General
Medical and
Surgical
Hospitals , 34%
Health and
Personal Care
Stores , 14%
Offices of
Physicians , 12%
Outpatient Care
Centers , 12%
Offices of
Dentists , 10%
Offices of Other
Health
Practitioners ,
17%
in AB

14
Trends – Life Sciences Metrics between 2010 and 2014
Compared to average Canadian life sciences employment compound annual growth rate (CAGR) of 2.2% over the
last five years, BC is growing at a CAGR of 3.4% which indicates that BC is outpacing national growth. It is
important to note that life science employment is below the Canadian average in Ontario and Quebec which
indicates slowing growth in those provinces.
Similarly, BC and Alberta are both above the Canadian average life science GDP growth of 2.2% (2.4% and 4.3%,
respectively) while Ontario and Quebec are below the national average.
100%
102%
104%
106%
108%
110%
112%
114%
116%
118%
2010 2011 2012 2013 2014
Growth Rate of Life Science Employment
Canadian Average BC ON QC AB
100%
102%
104%
106%
108%
110%
112%
114%
116%
118%
120%
2010 2011 2012 2013 2014
Growth Rate of Life Science GDP
Canadian Average BC ON QC AB
3.9% CAGR
3.4% CAGR
2.1% CAGR
Canadian Average: 2.2% CAGR
1.3% CAGR
1.4% CAGR
4.3% CAGR
2.4% CAGR
1.6% CAGR
Canadian Average: 2.2% CAGR

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Value Added Impacts of Life
Sciences in BC
Although GDP is a widely used metric to determine
overall economic output, GDP does not take into
account any indirect or induced effects. It is
important to account for these additional effects in
order to determine the overall economic impact of life
sciences in BC.
 Direct GDP – The money spent in the
region by the business itself (e.g., salaries,
supplies, raw materials, and operating
expenses).
 Indirect GDP – The increase in business-
to-business activity.
 Induced GDP – the increase in personal
income caused by direct and indirect
increases in GDP which means that
households will spend more money at local
businesses.
The graphic below indicates that the total 2014 GDP
impact in BC was $25.7 billion. Note that the indirect
and induced GDP multipliers are no longer publicly
listed by Statistics Canada. As such, it was assumed
that the Ontario multipliers (from the Life Sciences
Ontario sector report) would approximate the
multipliers in BC.1
1 Life Sciences Ontario. (2015, February 25). Life Sciences Ontario
Sector Report 2015. Retrieved from
http://www.lifesciencesontario.ca/_files/file.php?fileid=fileMEG
maMmMlc&filename=file_LSO_Sector_Report_2015_FINAL___
2015_02_25.pdf
Government –
Synchronizing Initiatives,
Resources, and Funding
Coordinated government support and engagement
are crucial to encourage investment and develop the
conditions to grow the life sciences sector. Federal,
provincial, and local governments all conduct various
initiatives to support industry development. Some are
directed to high tech with life sciences included as a
subsector and some are directed generally to
innovation.
Globally, many developed nations with socialized
healthcare systems have announced or are delivering
on significant coordinated strategic plans to
prioritize, develop, and grow their life sciences
sectors. Growth of the sector in social healthcare
systems provides mutual benefit by supporting
innovations that will ultimately benefit patients
treated in government-run facilities. Some of these
countries include: the United Kingdom, Australia,
France, China, India, Norway, and Singapore. These
countries are all working in a coordinated way within
their health economies to develop policies that will
encourage investment in their life sciences sector
which they have all acknowledged will grow their
economies, create jobs, and improve the lives of
patients.

16
The level of Canadian federal and provincial tax
incentives and credits awarded for investments in
R&D by life sciences companies have remained
stagnant over the last few years. In fact, the 2012
Federal Budget had proposed changes to reduce the
Scientific Research and Experimental Development
(SR&ED) tax credit for large corporations from 20%
to 15%. The 35% refundable tax credit for Canadian
Controlled Private Companies (CCPC) meeting the
required size tests on their first $3 million of SR&ED
expenditures remained untouched as a key source of
capital for smaller Canadian life sciences companies.2
There are alternative approaches to support access to
capital in other industrial sectors through the use of
tax incentives. For example, a junior mining natural
resource company can issue flow-through shares
which allows the company to transfer resource
expenses to the investor so that the investor receives
tax credits on these expenses, thereby reducing the
net investment cost.3
Current Initiatives & Incentive
Programs in BC
There are currently a number of initiatives and
incentive programs in place to promote innovation in
BC, some are specific to life science and some are
broader across innovative industries. However, these
initiatives are spread out across many different
companies, government bodies, and non-profit
organizations without a single organization that is
championing a province-wide coordinated life science
strategy. The following examples describe some of the
different programs available.
2 PwC. (2013). The Missing Ingredient. Retrieved on October 3,
2015 from
http://www.pwc.com/ca/en/pharma-life-
sciences/publications/pwc-canadian-life-sciences-industry-
forecast-2013-03-en.pdf
3 Canada Revenue Agency. (2015). Flow-through shares (FTSs).
Retrieved on October 5, 2015 from http://www.cra-
arc.gc.ca/tx/bsnss/tpcs/fts-paa/menu-eng.html
Ministry of Technology,
Innovation, and Citizens’
Services (MTIC)
MTIC has the provincial responsibility for research
and innovation with the goal of supporting job
creation and providing a long-term foundation for
the province. MTIC established the BC Knowledge
Development Fund (BCKDF) in 1998 to provide
funding for public post-secondary institutions,
research hospitals, and affiliated non-profit
agencies.4 Specifically, the BCKDF provides restricted
funding for capital projects and does not cover
operating and research costs. Furthermore, the
BCKDF is aligned with the BC Jobs Plan in which
Health and life sciences is a key focus area. In
2013/2014, the BCKDF awarded $22.8 million to
Simon Fraser University and the University of British
Columbia for 10 major research or innovation
infrastructure projects.5
Secondly, MTIC is working with the BC Technology
Industry Association to encourage the federal
government to adopt the Small Business Venture Tax
Credit program which would allow for a possible
doubling of tax credits available for BC firms (a
possible increase of $5 million in 2015/2016).
Lastly, a province-wide alliance of 10 non-profit
organizations has banded together to create the BC
Acceleration Network (BCAN) to deliver the BC
Venture Acceleration Program (VAP). From inception
through to December 2013, VAP has been used by
202 new companies, created 523 jobs, generated $9.9
million in revenue, and attracted $39.6 million in
funding.
4 Ministry of Technology, Innovation and Citizens’ Services. (2015).
British Columbia Knowledge Development Fund. Retrieved on
October 5, 2015 from
http://www.gov.bc.ca/citz/technologyandinnovation/Funding/BC
KDF/index.html
5 Ministry of Technology, Innovation and Citizens’ Services. (2014,
June 19). 2013/2015 Annual Service Plan Report. Retrieved on
October 5, 2015 from
http://www.bcbudget.gov.bc.ca/Annual_Reports/2013_2014/pdf/
ministry/mtics.pdf

17
Ministry of Advanced Education
Under Canada Starts Here: The BC Jobs Plan, the
Ministry of Advanced Education has developed an
International Education Strategy to attract more
international students to BC and to send more BC
students abroad.6 A key objective of this strategy is to
attract students who will stay in BC after finishing
their studies and help meet BC’s labour market
needs, especially in high demand areas such as in
health occupations. In order to further incentivize
international students, a database of post-secondary
scholarships for non-Canadian students has been
developed as well as the Vanier Canada Graduate
Scholarships program for international doctoral
students.
In addition, Mitacs, a non-profit organization that
delivers research and training programs, provides
several programs aimed at integrating international
students with local industry, government, and
academia:7
 Accelerate – Graduate student-led
industrial research and development
internships to allow students to develop
experiential skills in real-world
environments.
 Elevate – A program that supports PhD
graduates to work on a joint industry-
academia research project for two years.
 Globalink – A program that matches
international students with a university
faculty member, local entrepreneurs, and
business leaders in order to build
professional and networking skills.
 Step – A program that trains graduate
students and postdoctoral fellows in
interpersonal, project management, and
entrepreneurial skills.
6 Ministry of Advanced Education. (2012). British Columbia’s
International Education Strategy. Retrieved on October 8, 2015
from
http://www.aved.gov.bc.ca/internationaleducation/forms/Interna
tionalEducationStrategy_WEB.PDF
7 LearnLive BC. (2015). Scholarships and special programs.
Retrieved on October 8, 2015 from
http://www.learnlivebc.ca/learn/scholarships
Ministry of International Trade
and Responsible for Asia Pacific
Strategy and Multiculturalism
There are also two tax incentive programs in place for
BC resident investors (individuals and corporations)
through the Ministry of International Trade -
Investment Capital Branch: (1) Venture Capital
Corporation and (2) Eligible Business Corporation.
These two programs allow BC-based individuals and
corporations to receive a 30% refundable (non-
refundable for corporations) tax credit on the value of
their investments up to an annual maximum tax
credit of $60,000.8
8 Ministry of International Trade and Responsible for Asia Pacific
Strategy and Multiculturalism. (2015). Venture Capital Programs.
http://www.mit.gov.bc.ca/icp/vcp/

18
Genome BC
Genome BC is a non-profit research organization that
invests in and manages large-scale genomics and
proteomics research projects and enabling
technologies.9 Genome BC invests in the following
strategic areas:
 Forestry
 Human health
 Energy, mining and the environment
 Agri-food
 Fishers and aquaculture
 Technology
There are also other funding opportunities available
through Genome BC such as the 2015 Large-Scale
Applied Research Project Competition and the 2015
Disruptive Innovation in Genomics Competition.
Michael Smith Foundation for
Health Research (MSFHR)
MSFHR is a non-profit organization that supports
active researchers in BC to produce innovative
solutions to health problems and has invested more
than $360 million since 2001.10 MSFHR currently
has many active programs but the two largest are the
Scholar Awards and the Trainee Awards. The Scholar
Awards help BC attract top research talent by
providing funding to new researchers for launching
independent research careers and building strong
research programs. In addition, the Trainee Awards
support highly qualified applicants at the post-PhD
and post-health professional degree stages to prepare
for careers as independent health researchers.
The Centre for Drug Research
and Development (CDRD) & CVI
The CDRD is an independent, non-profit
organization with the de-risking discoveries
stemming from publicly funded research to create
viable investment opportunities for the private
sector.11 The CDRD has established Innovation Funds
with some of the world’s top pharmaceutical
9 Genome British Columbia (2015). Genome BC at a Glance.
http://www.genomebc.ca/about/
10 Michael Smith Foundation for Health Research. (2015). About.
Retrieved on October 8, 2015 from http://www.msfhr.org/about
11 The Centre for Drug Research and Development. (2015). About
Us. Retrieved on October 8, 2015 from http://www.cdrd.ca/about-
us/
companies, undertaken over 200 research projects,
launched five startup companies, out-licensed five
novel therapies, and moved five additional
technologies through commercialization.
Some of the CDRD’s current initiatives include:
 Support for industry activities
o Providing incubator activities that are
focused on the evaluation, validation,
development, and de-risking of
commercially/therapeutically promising
early-stage technologies.
o Providing accelerator activities that
provide entrepreneurs and small/mid-
sized entities with the additional
commercial expertise, support, resources,
and connections to strategic partners and
seed funding required to actively grow.
 Support for research partners
o Providing principal investigators and
trainees access to a fully equipped/staffed
drug development platform shared across
three sites in BC.
 CDRD Drug Development Program
o A program that offers hands-on training to
emerging health researchers in state-of-
the-art research labs complemented by
scientific and business workshops.
 CDRD Ventures Inc. (CVI)
o CVI is a commercial arm of CDRD that acts
as the interface between CDRD and
industry to accelerate drug development
and technology commercialization. CVI
supports this through in-licensing selected
intellectual property generated from CDRD
projects directly from the inventor or
affiliated institution. This is for the purpose
of forming strategic partnerships with
pharmaceutical and biotechnology
companies to develop promising drug
research into medical therapeutics for
commercialization. Potential profits from
CVI are then reinvested to CDRD in order
to support future drug development
projects.

19
Vancouver Coastal Health (VCH)
Research Institute
VCH Research Institute has over 1,500 personnel in
seven research centres who are involved in various
activities from laboratory-based research to gain
understanding about the human body and health
conditions, to clinical research focused on evaluating
new ways to provide patient care.12 Currently active
research programs include: community-based
translational research, emergency medicine research,
and the rehabilitation research program.
Life Sciences Institute (LSI)
LSI is an organization with a vision of maintaining
and improving on its international standing in basic
life science research and becoming the technological
driver for the implementation of personalized
medicine in BC.13 LSI is actively involved in
championing personalized medicine projects,
supporting research groups, and generating academic
publications. Furthermore, LSI has a strategic focus
on commercialization and has engaged in knowledge
translation with its industrial partners including:
over 20 spinoffs, 250 granted patents, 80
technologies, 60 commercial partners, 3 approved
drugs, and 10 drugs currently in trials.
12 Vancouver Coastal Health Research Institute. (2015). Who We
Are. Retrieved on October 10, 2015 from
http://www.vchri.ca/about-us/who-we-are
13 Life Sciences Institute. (2015). Our Vision. Retrieved on October
10, 2015 from http://lsi.ubc.ca/our-vision/
Prevention of Organ Failure
(PROOF)
PROOF is a not-for-profit organization that aims to
efficiently develop blood tests to better predict,
diagnose, manage, and treat heart, lung, and kidney
disease. PROOF’s current programs focus on heart
failure, chronic obstructive pulmonary disease, and
chronic kidney disease.14 PROOF also has a service
arm that provides computational expertise to
organizations who are seeking to discover, develop,
and implement blood-based molecular biomarkers in
a clinical setting.
Accel-Rx
The Accel-Rx Health Sciences Accelerator is a
national organization focused on maximizing the
creation of new health science companies in Canada
and ensuring that they have the necessary resources
to enable them to become the new generation of
health science “anchor companies”. Accel-Rx has
partnered with the Business Development Bank of
Canada (BDC) to provide seed capital. In addition,
Accel-Rx offers the following resources to support the
creation of new companies:
 National network of entrepreneurs to drive
and guide company creation
 Partnerships with the venture capital Access
to and commercial input from industry
partners
 Access to business/finance/development
expertise
 Specialized entrepreneurial training
 Regular meetings and events to bring
together investors, entrepreneurs,
researchers, industry partners, and
technology developers
14 Proof Centre. (2015). About. Retrieved on October 12, 2015 from
http://www.proofcentre.ca/about/

20
Innovation Boulevard
A partnership has recently been founded by Fraser
Health, Simon Fraser University, and the City of
Surrey with the objective of developing a life science
cluster in a concentrated area of Surrey. The hope is
that the collection of talent, knowledge, expertise,
and funding will create a life science centre of
excellence in British Columbia. The vision of
Innovation Boulevard is to: (1) improve health
outcomes, (2) implement intelligent solutions for the
healthcare system, (3) attract talented clinicians and
researchers, and (4) grow companies in healthcare
related technology and services sectors.15
15 Innovation Boulevard. (2015). Homepage. Retrieved on October
8, 2015 from http://www.innovationboulevard.ca/
HQ Vancouver
HQ Vancouver is a partnership and funding
agreement between the Business Council of British
Columbia (BCBC), the Government of Canada, and
the Province of British Columbia.16 The goal of HQ
Vancouver is to attract expanding medium to large-
sized Asian corporations to establish their North
American head offices in BC. HQ Vancouver has also
highlighted the life sciences sector as a sector that is
“showcasing innovation and growth” and that
biopharmaceuticals is the fastest growing sector in
Canada by number of companies.17
16 HQ Vancouver. (2015). About. Retrieved on October 8, 2015
from http://www.hqvancouver.ca/#About
17 HQ Vancouver. (2015, February 5). BCTI BC Head Office HQ
Brochure. Retrieved on October 8, 2015 from
http://www.hqvancouver.ca/wp-
content/uploads/2015/04/BCTI_BCHeadOfficeHQ-Brochure-
Feb2015_English-Print-Draft2.pdf

21
Access to Funding and
Capital
Capital funding consists of two primary sources: (1)
venture capital and (2) private equity. Furthermore,
the Business Development Bank of Canada (BDC) is a
federal Crown corporation and a dedicated bank for
Canadian entrepreneurs that also provides venture
capital.
It is important to note the different objectives of
venture capital (VC) investors vs. private equity (PE)
investors. The majority of venture capital investors
tend to purchase smaller holdings in more companies
and have a long-term view whereby profit is realized
as the company grows. On the other hand, private
equity investors tend to purchase large holdings
(oftentimes 100%) in fewer companies and have a
shorter-term view whereby they generate profit based
on turning the company around and selling it for
more than they paid.
18 Business Development Bank of Canada. (2015). BDC Annual
Report 2015. Retrieved on October 3, 2015 from
http://www.bdc.ca/EN/Documents/annualreport/BDC_AnnualRe
port_2015.pdf
19 Canadian Venture Capital & Private Equity Association. (2014,
July). 2014 Canadian Venture Capital Market Overview.
Retrieved on October 3, 2015 from http://www.cvca.ca/wp-
content/uploads/2014/07/CVCA-2014-VC-data-deck1.pdf
BC received a total of $554 M in VC funding in 2014
across all industries with an estimated $122.1 M
dedicated to life sciences which is only second to
Ontario’s $205.4 M. Furthermore, every dollar of VC
investment is expected to generate between a 3% and
15% return and equates to a real dollar return of
between $3.4 M and $18.8 M for BC life science VC
investors in 2014. For reference, investing in the S&P
500 Index has yielded a 9.60% average since
inception.20
In terms of PE funding, BC is estimated to have
received a total of $2.2 B in PE funding in 2014 with
$229.7 M attributable to life sciences. Based on
average exit value to average capital invested, it is
estimated that the BC life science sector returned
$297.2 M in profit to PE investors in 2014.
20 New York University (NYU) Stern. (2015). Annual Returns on
Stock, T. Bonds and T. Bills: 1928 – Current. Retrieved on October
3, 2015 from
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafil
e/histretSP.html
Province
2014 VC
Funding
(excluding
BDC)
2014 VC
Funding
(BDC
Only)18
Total
2014 VC
Funding
19
Estimated
Life Science
Portion of
VC Funding
Esti-
mated
Annual
ROE
Potential
Return to VC
Life Science
Investors
(Low)
Potential
Return to VC
Life Science
Investors
(High)
BC $509.1 $44.9 $554.0 $122.1
3% to
15%
$3.4 $18.8
AB 47.8 4.2 52.0 11.5 0.3 1.8
SK 20.2 1.8 22.0 4.8 0.1 0.7
MB 29.4 2.6 32.0 7.1 0.2 1.1
ON 856.5 75.5 932.0 205.4 5.7 31.7
QC 271.1 23.9 295.0 65.0 1.8 10.0
NB 8.3 0.7 9.0 2.0 0.1 0.3
NS 16.5 1.5 18.0 4.0 0.1 0.6
PE 0.1 0.0 0.2 0.0 0.0 0.0
NL 2.8 0.2 3.0 0.7 0.0 0.1
Total $1,761.9 $155.3 $1,917.2 $422.5 $11.8 $65.1

22
Access to Talent &
Knowledge
Talent and knowledge are key foundational
components in developing a successful life sciences
ecosystem. Although the Ministry of Advanced
Education does not provide direct enrolment data on
life sciences, it was possible to derive life science
enrolment (refer to Appendix iv – Enrolment
Calculations for details).21
Life science, as a standalone enrolment group, would
be the largest subject grouping in BC with total
2013/2014 domestic and foreign enrolment of 56,113
and 1,735, respectively.
However, the overall four-year growth rate shows a
stark contrast between domestic and foreign student
enrolment. As in the below graph, domestic
enrolment in all cases is experiencing a negative
compound annual growth rate (CAGR) between 2010
and 2014. On the other hand, foreign enrolment is
experiencing strong positive growth across the board.
Alarmingly, our universities are training a growing
number of foreign life sciences students who may go
back to their home countries upon graduation, while
the decreasing number of domestic students enrolling
in life sciences could lead to shortage of skilled
employees in BC who can meet the life sciences
21 Ministry of Advanced Education. (2015, May). Post-Secondary
Central Data Warehouse Standard Reports. Retrieved on October
3, 2015 from
http://www.aved.gov.bc.ca/datawarehouse/documents/program_
area.pdf
sector’s growing demands. This may present a
significant opportunity for life sciences in BC to
capitalize on the foreign enrolment trend in order to
develop and retain foreign talent in BC.
Province
Total 2014 PE
Funding
Estimated Life
Science Portion
of PE Funding
Average Exit
Multiple
Estimated Exit
Value for Life
Science
Investments
Potential Return
to PE Life
Science
Investors
BC $2,200.0 $229.7
2.35
$517.2 $297.2
AB 12,400.0 1,294.8 2,914.9 1,674.9
SK 314.0 32.8 73.8 42.4
MB 82.3 8.6 19.3 11.1
ON 20,400.0 2,130.2 4,795.5 2,755.5
QC 5,700.0 595.2 1,339.9 769.9
NB - - - -
NS - - - -
PE - - - -
NL 112.3 11.7 26.4 15.2
Total $41,208.6 $4,303.0 $9,687.1 $5,566.2

23
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Life Science Business and
Management
Developmental Art Trades Human and
Social Services
Personal
Improvement
and Leisure
Engineering
and Applied
Sciences
Other
CompoundAnnualGrowthRate(CAGR)
Four-Year Enrolment Growth Rates
Domestic 4-year Growth Rate Foreign 4-year Growth Rate
0
10,000
20,000
30,000
40,000
50,000
60,000
Life Science Business and
Management
Developmental Art Trades Human and
Social Services
Personal
Improvement
and Leisure
Engineering
and Applied
Sciences
Other
#ofStudents
Domestic vs. Foreign Student Enrolment by Subject - 2013/2014
Domestic 2013-2014 Foreign 2013-2014
Positive growth
Negative growth
Largest subject area

24
Startup Lifecycle for Life Sciences
Although the life sciences industry is often compared
to the high tech industry, there are specific
differences that must be highlighted. One of the most
significant differences is that a life science startup
company goes through an elongated startup
development phase that is typically more capital-
intensive than a comparable high tech startup
company. As a result, this creates significant barriers
of entry for life science companies that want to move
past the startup phase which further supports the
finding that 84% of BC’s life science companies have
less than 10 employees.
Based on the above graphic, the typical high tech
startup will move through six stages in its lifecycle to
go from ideation all the way to becoming an
established company.22 The entire lifecycle is usually
very short and may only last a few years or less.
Conversely, a life science biopharmaceutical or
pharmaceutical startup will not only need to go
through a similar startup lifecycle but will spend a
significant amount of time in clinical trials and
regulatory review which could take between 5 and 10
years before product launch (commercialization).23
22 Startup Commons. (2015). Startup Development Phases.
http://www.startupcommons.org/startup-development-
phases.html
23 Mayer Brown. (2009, March). Pharma & Biotech – Drug
Development Valuing the Pipeline – A UK Study. Retrieved on
September 25, 2015 from
https://www.mayerbrown.com/files/Publication/53189dc5-d8f8-
45aa-9d4d-
62646b17c2e8/Presentation/PublicationAttachment/c7199cda-
f73d-4377-a09d-cc26afc93408/0728ten_Valuation_Report.pdf

25
The other difference is patent protection.
Pharmaceuticals in Canada may receive up to 20
years of patent protection from the patent filing date
which improves commercialization time for investors
before compulsory licensing (generic market entry).
High tech patents also provide protection for up to a
maximum of 20 years, but the patent holders must
maintain their patent and are required to re-evaluate
the economic value of their maintenance application
on a yearly basis.24
24 Canadian Intellectual Property Office. (2015). A Guide to
Patents. Retrieved on October 13, 2015 from
https://www.ic.gc.ca/eic/site/cipointernet-
internetopic.nsf/eng/h_wr03652.html
Furthermore, a medical device company will go
through similar lifecycle steps but the clinical trial
testing phase is generally shorter than a
biopharmaceutical/pharmaceutical company and is
device-dependent.25 For example, an in-body device
such as a cardiovascular stent may require more
clinical trials than an external device such as a
diagnostic imaging machine.
25 Medical Device Regulatory Solutions. (2015). US Medical Device
Development Life Cycle Overview. Retrieved on October 13, 2015
from http://www.mdrsllc.com/Device-Development-Life-
Cycle.html

26
Conclusion
What is the collective provincial ambition for life sciences in
BC now and in the future?
The life sciences sector in British Columbia is in the
early stages of maturity and is currently growing
organically. Through the analysis of data collected for
British Columbia’s life sciences sector, the following
conclusions have been made based on the
information cited in this report:
1. The life sciences sector is a significant
contributor to the BC economy with $117 billion
in GDP, direct employment of 177,914, and provincial
tax revenues of $606 million. There is potential for
this sector to make greater contributions to the BC
economy as it is currently outpacing both the
Canadian life sciences average compound annual
growth (CAGR) in employment (2.2% nationally vs.
3.4% in BC) and in GDP (2.2% nationally vs. 2.4% in
BC).
2. Getting past 10 employees to gain critical
mass to commercialize. BC has the highest
percentage (84%) in Canada (for major life sciences
clusters) of life science companies that have less than
10 employees. This signals that a very large number
of BC life science companies are still in the startup
phase of development. Many of these companies have
difficulty finding a route to progress to the next stage
of development (i.e. post-startup stage). As such,
these small companies are required to seek strategic
partners or licensing agreements to access bigger
markets and commercialize their brands as they do
not have critical mass and have difficulty in accessing
target markets and capital without significant
support.
3. Substantial future gains for the life sciences
sector will be dependent on coordinated
efforts by industry, scientists, and
government. Through our analysis, we have
observed that many countries with government
funded health systems such as the United Kingdom
and Australia, have committed to leadership of
coordinated strategies to develop their respective life
sciences sectors. These health economies have
determined that there are reciprocal benefits gained
from a sector that develops innovation which can
then be used to improve patient outcomes within
their universal healthcare systems. This coordinated
strategic effort can support problem solving for
sector-specific challenges including:
 Access to capital from all sources and at all
stages of organizational growth with improved
visibility from private investors including
synchronized government programs that provide
resources to increase life sciences innovation and
that generate capital investments through tax
incentives.
 Developing, attracting and retaining talent
through world class programs and research at BC
universities and post-secondary schools as well as
supporting life sciences employees through the
development of future opportunities and
continued improvement of livability standards to
make BC an attractive place to live. Alarmingly,
foreign students that are enrolled in four-year life
sciences programs are growing at just under 7%
compound annual growth while domestic student
enrollment exhibits a downward trend (-1%).
This could leave BC with a skills gap in life
sciences as foreign students may return to their
home countries upon graduation. Students will
need encouragement to enroll in the life sciences
if we are to grow a local knowledge-based
workforce.
 Creating the “right” environment that
encourages research and development to
attract world-class scientists, researchers,
entrepreneurs, and business people by nurturing
innovations that will grow into future companies.
This can be potentially achieved through the
development of a dynamic life sciences ecosystem
(network) that prioritizes innovative research,
rewards innovation, focuses on BC’s strengths,
and removes/minimizes barriers to growth.

27
Appendix
i. Glossary and Acronyms
BDC: Business Development Bank of Canada.
CAGR: Compound annual growth rate. CAGR is the mean annual growth rate based on the beginning and ending
values over a specified time period.
CDRD: The Centre for Drug Research and Development.
GDP: Gross domestic product. A primary measure used to gauge the health of the economy.
High tech: Refers to the high tech industry which is mainly associated with advanced computing electronics. Life
sciences is distinct from, but also overlaps with, the high tech industry.
Life sciences: Life sciences is comprised of scientific fields that involve the scientific study of living organisms.
LSBC: LifeSciences BC.
LSI: Life Sciences Institute.
LSO: Life Sciences Ontario.
MSFHR: Michael Smith Foundation for Health Research.
MTIC: Ministry of Technology, Innovation, and Citizens’ Services.
NAICS: North American Industry Classification System. A classification system used by the Canadian, US, and
Mexican governments to classify business establishments according to the type of economic activity.
PROOF: Prevention of Organ Failure Centre.
PE: Private equity. PE investment refers to private investments (equity securities or debt) that are not publicly
traded on a stock exchange.
VC: Venture capital. VC investment refers to initial seed capital to emerging growth companies/startups in
exchange for an equity stake in the company.

28
ii. List of Applicable Life Science NAICS Codes
Refer to the “LSBC” column for the list of applicable NAICS codes that were used to formulate the findings and
conclusions in this report.
Agricultural Feedstock and Chemicals BIO LSO LSBC
311221 - Wet Corn Milling ● ●
311222 - Soybean processing ●
311223 - Other Oilseed Processing ●
311224 - Oilseed processing CAN ●
325190 - Other basic organic chemical
manufacturing
●
325193 - Ethyl Alcohol Manufacturing ●
325220 - Artificial and synthetic fibres and
filaments manufacturing
●
325221 - Cellulosic Organic Fiber Manufacturing ●
325311 - Nitrogenous Fertilizer Manufacturing ●
325312 - Phosphatic Fertilizer Manufacturing ●
325313 - Chemical fertilizer (except potash)
manufacturing
●
325314 - Mixed fertilizer manufacturing ● ●
325320 - Pesticide and other agricultural
chemical manufacturing
● ●
418320 - Seed merchant wholesalers ●
418390 - Agricultural chemical and other farm
supplies merchant wholesalers
●
424910 - Farm Supplies Merchant Wholesalers ●
Drugs and Pharmaceuticals BIO LSO LSBC
325410 - Pharmaceutical and medicine
manufacturing CAN
● ●
325411 - Medicinal and Botanical Manufacturing ● ●
325412 - Pharmaceutical Preparation
Manufacturing
● ●
325413 - In-Vitro Diagnostic Substance
Manufacturing
● ●
325414 - Biological Product (except Diagnostic)
Manufacturing
● ●
414510 - Pharmaceuticals and pharmacy supplies
merchant wholesalers CAN
● ●
424210 - Drugs and Druggists' Sundries
Merchant Wholesalers
● ●
Medical Devices and Equipment BIO LSO LSBC
334510 - Electromedical and Electrotherapeutic
Apparatus Manufacturing
● ●
334516 - Analytical Laboratory manufacturing ● ●
334517 - Irradiation Apparatus manufacturing ● ●
339110 - Medical equipment and supplies
manufacturing
● ●
339112 - Surgical and Medical Instrument
Manufacturing
● ●
339113 - Surgical Appliance and Supplies
Manufacturing
● ●
339114 -Dental Equipment and Supplies
Manufacturing
● ●
417930 - Professional machinery, equipment and
supplies merchant wholesalers CAN
● ●
423450 - Medical, Dental, and Hospital
Equipment and Supplies Merchant Wholesalers
● ●
Research, Testing, and Medical
Laboratories
BIO LSO LSBC
541380 - Testing laboratories ● ● ●
541710 - Research and development in the
physical, engineering and Life Sciences
● ● ●
621510 - Medical and diagnostic laboratories
CAN
● ● ●
621511 - Medical Laboratories ● ●
Additional industries included in the
expanded definition
BIO LSO LSBC
3114 - Fruit and vegetable preserving and
specialty food manufacturing
●
3115 - Dairy product manufacturing ●
3118 - Bakeries and tortilla manufacturing ●
31212, 31213, 31214 - Breweries, Wineries and
Distilleries
●
4464461 - Health and personal care stores ● ●
621 - Ambulatory health care services ● ●
622 - Hospitals ● ●
541690 - Other scientific and technical
consulting services
● ●
541711 - R&D biotech research ● ●
541712 - Research and development laboratories
541720 - R & D Life Science ● ●

29
iii. Life Science Classification Methodology
With respect to available data from Statistics Canada, there is no defined “life science” category classification. As
such, it is necessary to develop and apply a consistent methodology to determine which companies are related to
life sciences (refer to Appendix ii – List of Applicable Life Science NAICS Codes). Although there is no agreed upon
industry definition of the life science sector, other organizations such as Battelle/BIO State Bioscience and Life
Sciences Ontario (LSO) have already attempted to define the sector.
Battelle/BIO State Bioscience first proposed a classification whereby the life science sector would encompass the
following key areas:
 Agricultural feedstock and chemicals
 Drugs and pharmaceuticals
 Medical devices and equipment
 Research, testing, and medical labs
 Bioscience-related distribution
Furthermore, LSO also used the above classification as the basis for defining the life science sector in Ontario and
also included several additional industries in an “expanded definition” of life sciences. LSBC reviewed the approach
and methodology by these two organizations and has further refined the definition of life sciences as it pertains to
BC. LSBC’s definition of life sciences does not include any agricultural feedstock and chemicals companies but does
include several additional categories such as: hospitals, R&D, and ambulatory health care services. Refer to
Appendix ii – List of Applicable Life Science NAICS Codes for additional details on NAICS codes that are in scope
for life sciences.
The following Statistics Canada CANSIM tables were used as the underlying data for this report:
CANSIM Table Description
281-002426 Survey of Employment, Payrolls and Hours (SEPH), employment by type of employee and
detailed North American Industry Classification System (NAICS)
281-002727 Survey of Employment, Payrolls and Hours (SEPH), average weekly earnings by type of
employee, overtime status and detailed North American Industry Classification System
(NAICS)
379-003028 Gross domestic product (GDP) at basic prices, by North American Industry Classification
System (NAICS), provinces and territories
551-000129 Canadian business patterns, location counts, employment size and North American Industry
Classification System (NAICS), national industries, by Canada and provinces, Decembre 2011
26 Statistics Canada. (2014). Survey of Employment, Payrolls and Hours (SEPH), employment by type of employee and detailed North American
Industry Classification System (NAICS). Retrieved on September 15, 2015 from http://www5.statcan.gc.ca/cansim/a26?lang=eng&id=2810024
27 Statistics Canada. (2014). Survey of Employment, Payrolls and Hours (SEPH), average weekly earnings by type of employee, overtime status
and detailed North American Industry Classification System (NAICS). Retrieved on September 15, 2015 from
http://www5.statcan.gc.ca/cansim/a26?lang=eng&id=2810027
28 Statistics Canada. (2014). Gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS),
provinces and territories. Retrieved on September 15, 2015 from http://www5.statcan.gc.ca/cansim/a26?lang=eng&id=3790030
29 Statistics Canada. (2011). Canadian business patterns, location counts, employment size and North American Industry Classification System
(NAICS), national industries, by Canada and provinces, December 2011. Retrieved on September 15, 2015 from

30
Classification System (NAICS), national industries, by Canada and provinces, December 2012
Classification System (NAICS), national industries, by Canada and provinces, December 2013
552-000132 Canadian business patterns, location counts with employees, by employment size and North
American Industry Classification System (NAICS), Canada and provinces, December 2014
A limitation of the CANSIM data above is that detailed information is only available to a precision of 4-digit NAICS
codes. For example, data is aggregated to a 4-digit NAICS code (5413 - Architectural, Engineering and Related
Services) and cannot be split into its constituent six-digit NAICS codes such as:
Four-Digit
NAICS Code
Six-Digit
NAICS Code
Description Related to Life
Science?
5413
541380 Testing Laboratories Yes
541310 Architectural Services No
541320 Landscape Architectural Services No
541330 Engineering Services No
541340 Drafting Services No
541350 Building Inspection Services No
541360 Geophysical Surveying and Mapping Services No
541370 Surveying and Mapping (Except Geophysical) Services No
As in the table above, using a four-digit NAICS code to develop life science metrics would result in significant
overstatement as only a small proportion of NAICS 5413 specifically relates to life science. As such, it is necessary to
derive weighting factors to more precisely approximate the relevant life sciences portion of each four-digit NAICS
code. In order to determine an appropriate weighting, CANSIM Table 551-0005 was used because it contained data
on six-digit NAICS codes with respect to the number of establishments based on employee size.
As an example, a midpoint value was used to weight the employee size categories and was applied to the total
number of employees in NAICS 541380 (to yield a life science-specific weight) as well as NAICS 5413 (to yield an
overall industry group weight). Finally, dividing the life science-specific weight by the overall industry group weight
yields a weighting factor 0.115 that is applied to NAICS 5413 data in order to derive the relevant life sciences
portion.
32 Statistics Canada. (2014). Canadian business patterns, location counts with employees, by employment size and North American Industry
Classification System (NAICS), Canada and provinces, December 2014. Retrieved on September 15, 2015 from

31
# of
Employees
Midpoint
# of
Employee
s
# of
Establishments
NAICS 541380
(Six-Digit)
# of
Establishments
NAICS 5413
(Four-Digit)
NAICS 541380 –
Life Science-
Specific Weight
NAICS 5413 –
Overall Industry
Group Weight
1 to 4 2.5 861 14,516 2,153 36,290
5 to 9 7.0 219 2,605 1,533 18,235
10 to 19 14.5 186 1,919 2,697 27,826
20 to 49 34.5 196 1,618 6,762 55,821
50 to 99 74.5 97 541 7,227 40,305
100 to 199 149.5 28 218 4,186 32,5951
200 to 499 349.5 12 111 4,194 38,795
500+ 500.0 2 17 1,000 8,500
29,751 258,362
Weighting Factor: 0.115
The weighting methodology described above has been consistently applied to the other four-digit NAICS codes
contained in this report and the below table provides a summary of the weights.
Four-Digit NAICS Code Description Weight
3254 Pharmaceutical and Medicine Manufacturing 1.000
3345* Navigational, Measuring, Electromedical, and
Control Instruments Manufacturing
-
3391 Medical Equipment and Supplies Manufacturing 1.000
4145 Other Machinery, Toiletries, Cosmetics, and Sundries
Merchant Wholesalers
0.617
4179 Other Machinery, Equipment and Supplies Merchant
Wholesalers
0.433
4234** Professional and Commercial Equipment and
Supplies Merchants Wholesalers
-
4242** Drugs and Druggists’ Sundries Merchant Wholesaler -
4461 Health and Personal Care Stores 1.000
5413 Architectural, Engineering, and Related
Services
0.115
5416 Management, Scientific, and Technical Consulting
Services
0.213

32
5417*** Scientific Research and Development Services 0.161
621**** Ambulatory Health Care Services 1.000
622**** Hospitals 1.000
* CANSIM Table 551-0005 only includes NAICS 334511 and NAICS 334512. No additional info was available for
the following specific life science NAICS codes: 334510, 334516, and 334517. As such, no weight will be assigned to
the 3345 four-digit NAICS code.
** CANSIM information was not available for NAICS 4234 and NAICS 4242.
*** NAICS 5417 is a significant category that includes many broad industries that are not related to life science
and only limited data is available to further refine the weighting. As such, LSO obtained a customized report from
Statistics Canada based on National Occupation Code and calculated an employment weighting factor of 0.161
for NAICS 5417.33 For the purposes of this report, it is assumed that the BC also has a similar employment
weighting factor.
**** NAICS 621 and NAICS 622 are three-digit codes and all sub-codes are considered to be relevant to life
science. Therefore, the weighting is considered to be 1.000 for these codes.
33 Life Sciences Ontario. (2015, February 25). Life Sciences Ontario Sector Report 2015. Retrieved from:
http://www.lifesciencesontario.ca/_files/file.php?fileid=fileMEGmaMmMlc&filename=file_LSO_Sector_Report_2015_FINAL___2015_02_2
5.pdf

33
iv. Enrolment Calculations
The Ministry of Advanced Education publishes post-secondary enrolment statistics based on various program areas
but does not currently define life sciences as a separate area. The most appropriate proxy for defining life science
enrolment would be to combine the enrolment statistics for the Art and Science area as well as the Health area. In
order to isolate the Science students from Art students, a ratio was applied based on the total 2014/2015 enrolment
figures from the Faculty of Art vs. the Faculty of Science at the University of British Columbia (UBC).34 Note that
enrolment figures in the Science program area may contain enrolment in other non-life science sciences.
Program Area 2010-2011 2011-2012 2012-2013 2013-2014
5-Year
CAGR
Domestic Enrolment
Art and Science 67,985 67,490 64,545 61,670 -3.2%
Science (38.2%, see chart below) 25,981 25,792 24,667 23,568 -3.2%
Health 31,355 30,785 31,295 32,545 1.2%
Total Life Science Enrolment: 57,336 56,577 55,962 56,113 -0.7%
Foreign Enrolment
Art and Science 4,010 4,205 4,380 4,780 6.0%
Science (38.2%, see chart below) 1,475 1,529 1,569 1,735 6.0%
Health 150 205 275 240 17.0%
Total Life Science Enrolment: 1,625 1,734 1,844 1,975 6.7%
2014/2015 UBC Enrolment Figures and Weighting
Rank 2014/2015 Enrolment Relative %
Faculty of Science 7,459 38.2%
Faculty of Art 12,059 61.8%
Total: 19,518 100.0%
34 University of British Columbia. (2015). Vancouver Academic Calendar 2015/16. Retrieved on October 6, 2015 from
http://www.calendar.ubc.ca/Vancouver/index.cfm?page=appendix1

34
v. Funding Calculations
The methodology below attempts to quantify the amount of Canadian VC funding and PE funding that is directed
toward life sciences and the estimated returns to VC and PE investors.
Total VC funding in 2014 was obtained by province (refer to table below) but a life science breakdown by province
was unavailable. As such, it was necessary to extrapolate this information based on a ratio of 22% (derived from the
total life science VC funding of $422 M as a proportion of total 2014 VC funding of $1.92 B). Note that the 22%
figure for life science VC funding was derived from the Canadian Venture Capital and Private Equity Association’s
(CVCA) definition of life sciences and may not directly align with LSBC’s definition of life sciences.35
Furthermore, the potential return to VC investors has been estimated as a range based on the average return on
equity (ROE) of the top 10 life science companies (by market capitalization) listed on the TSX as well as on the TSX
Venture Exchange. The high end of the range is drawn from the TSX because these companies are well established
and tend to provide higher returns as they have already moved past the capital-intensive startup phase; the high
end of the figure provides an estimate of long-run return on invested venture capital. Oppositely, the low end of the
range is drawn from the TSX Venture Exchange as these companies are in the startup stage and typically have lower
revenues/net income while still requiring significant capital investments in order to grow the business.
Venture Capital Funding Summary (in $ millions)
Province
2014 VC
Funding
(excluding
BDC)
2014 VC
Funding
(BDC
Only)36
Total
2014 VC
Funding
37
Estimated
Life Science
Portion of
VC Funding
Esti-
mated
Annual
ROE
Potential
Return to
VC
Investors
(Low)
Potential
Return to
VC
Investors
(High)
BC 509.1 44.9 554.0 122.1
3% to
15%
(see tables
below)
3.4 18.8
AB 47.8 4.2 52.0 11.5 0.3 1.8
SK 20.2 1.8 22.0 4.8 0.1 0.7
MB 29.4 2.6 32.0 7.1 0.2 1.1
ON 856.5 75.5 932.0 205.4 5.7 31.7
QC 271.1 23.9 295.0 65.0 1.8 10.0
NB 8.3 0.7 9.0 2.0 0.1 0.3
NS 16.5 1.5 18.0 4.0 0.1 0.6
PE 0.1 0.0 0.2 0.0 0.0 0.0
NL 2.8 0.2 3.0 0.7 0.0 0.1
Total 1,761.9 155.3 1,917.2 422.5 11.8 65.1
35 Canadian Venture Capital & Private Equity Association. (2014, July). 2014 Canadian Venture Capital Market Overview. Retrieved on October
3, 2015 from http://www.cvca.ca/wp-content/uploads/2014/07/CVCA-2014-VC-data-deck1.pdf
36 Business Development Bank of Canada. (2015). BDC Annual Report 2015. Retrieved on October 3, 2015 from
http://www.bdc.ca/EN/Documents/annualreport/BDC_AnnualReport_2015.pdf
37 Canadian Venture Capital & Private Equity Association. (2014, July). 2014 Canadian Venture Capital Market Overview. Retrieved on October
3, 2015 from http://www.cvca.ca/wp-content/uploads/2014/07/CVCA-2014-VC-data-deck1.pdf

35
Return on Equity (TSX)
# Company Name HQ
Quoted Market
Value
(in $ millions,
Aug. 31, 2015)
2014 Net
Income (in $
millions)
2014
Shareholders’
Equity
(in $ millions)
1 Valeant Pharmaceuticals
International Inc.
QC
104,060 912 5,436
2 Endo International plc Ireland 20,592 (1) 2
3 Concordia Healthcare Corp. ON 3,434 12 258
4 ProMetic Life Sciences Inc. QC 1,109 3 104
5 Novadaq Technologies Inc. ON 847 (24) 162
6 Knight Therapeutics Inc. QC 656 126 479
7 Neovasc Inc. BC 491 (19) 21
8 Nobilis Health Corp. USA 458 13 65
9 CRH Medical Corporation BC 322 1 19
10 Cynapsus Therapeutics Inc. ON 246 (11) 15
Total: 1,012 6,562
Total Return on Equity: 15%
Return on Equity (TSX Venture Exchange)
# Company Name HQ
Quoted Market
Value
(in $ millions,
Aug. 31, 2015)
2014 Net
Income (in $
millions)
2014
Shareholders’
Equity
(in $ millions)
1 Patient Home Monitoring Corp. BC 251 (2) 14
2 Tribute Pharmaceuticals Canada
Inc.
ON
182 (6) 30
3 BioSyent Inc. ON 97 3 8
4 Stellar Biotechnologies Inc. BC 89 (8) 8
5 Tweed Marijuana Inc. ON 72 Financial Information Unavailable
6 Convalo Health International, Corp. USA 67 (2) 2
7 Eyecarrot Innovations Corp. ON 65 (1) (0)
8 Prism Medical Ltd. ON 53 23 26
9 biOasis Technologies Inc. BC 45 (3) 2
10 IntelGenx Technologies Corp. QC 44 (2) 5
Total: 3 95
Total Return on Equity: 3%

36
A similar methodology to the VC calculations above were used for PE funding. Total 2014 PE funding was obtained
by province but a life science breakdown was unavailable. As such, the life science portion of PE funding by
province was extrapolated using a ratio of 10% based on total 2014 life science PE funding of $4.3 B vs. total 2014
PE funding of $41.2 B. Note that the 10% figure for life science PE funding was derived from the CVCA’s definition
of life sciences and may not directly align with LSBC’s definition of life sciences.38
As previously discussed, PE investors typically will earn a return based on the difference between the exit value of
their investments vs. the initial price paid for the investment. A 5-year average exit multiple of 2.35 was calculated
based on the average capital invested and exited per deal between 2010 and 2014. Applying the 5-year average exit
multiple to the life science portion of PE funding yields an expected exit value for life science investments. Lastly,
the initial PE funding amount must be subtracted from the estimated exit value to determine the potential return
for a PE investor.
Private Equity Funding Summary (in $ millions)
Province
Total 2014 PE
Funding
Estimated Life
Science Portion
of PE Funding
Average
Exit
Multiple
Estimated Exit
Value for Life
Science
Investments
Potential Return to
PE Investors
BC 2,200.0 229.7
2.35
(see table
below)
517.2 297.2
AB 12,400.0 1,294.8 2,914.9 1,674.9
SK 314.0 32.8 73.8 42.4
MB 82.3 8.6 19.3 11.1
ON 20,400.0 2,130.2 4,795.5 2,755.5
QC 5,700.0 595.2 1,339.9 769.9
NB - - - -
NS - - - -
PE - - - -
NL 112.3 11.7 26.4 15.2
Total 41,208.6 4,303.0 9,687.1 5,566.2
2010 2011 2012 2013 2014 Total
Capital Invested (in $ millions) 15,000 26,000 32,000 31,000 41,000 145,000
# of Deals 157 213 238 312 273 1,193
5-Year Average Capital Invested per Deal (in $ millions): 122
Capital Exited (in $ millions) 6,000 11,000 20,000 12,000 29,000 78,000
# of Exits 38 48 48 72 67 273
5-Year Average Exit Value per Deal (in $ millions): 286
5-Year Average Exit Multiple: 2.35
38 Canadian Venture Capital & Private Equity Association. (2014, July). 2014 Canadian Private Equity Market Overview. Retrieved on October
5, 2015 from http://www.cvca.ca/wp-content/uploads/2014/07/CVCA-2014-PE-data-deck.pdf

37
vi. Payroll Calculations
Weekly payroll data was obtained from Statistics Canada (CANSIM Table 281-0027)39 and was aggregated to derive
the average annual life science wage per employee between 2010 and 2014. BC provincial tax bracket information40
was then applied to the wages to determine the amount of provincial tax paid by each employee.
39 Statistics Canada. (2014). Survey of Employment, Payrolls and Hours (SEPH), average weekly earnings by type of employee, overtime
status and detailed North American Industry Classification System (NAICS). Retrieved on September 30, 2015 from
40 Canada Revenue Agency. (2015). Canadian income tax rates for Individuals – current and previous years. Retrieved on September 30, 2015
from http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html
Summary (refer to graphs below for detail) 2010 2011 2012 2013 2014
5-Year
CAGR
Average Annual Life Science Wage $47,061 $53,018 $49,359 $48,572 $57,117 4.96%
Provincial Taxes Paid per Employee $2,677 $3,128 $2,823 $2,748 $3,083 9.82%
2014 BC Tax
Bracket
Effective
Tax Rate
Income
per
Bracket
Tax
Paid
2013 BC Tax Bracket
Effective
Tax Rate
Income
per
Bracket
Tax
Paid
< $37,869 5.06% 37,606 1,903 < $37,869 5.06% 37,568 1,901
$37,870 to $75,740 7.70% 19,511 1,502 $37,870 to $75,740 7.70% 11,004 847
$75,741 to $86,958 10.50% - - $75,741 to $86,958 10.50% - -
$86,959 to $105,592 12.29% - - $86,959 to $105,592 12.29% - -
$105,593 to $151,050 14.70% - - $105,593 to $151,050 14.70% - -
> $151,050 16.80% - - > $151,050 16.80% - -
2014 Totals: 57,117 3,083 2013 Totals: 48,572 2,748
2012 BC Tax
Bracket
Effective
Tax Rate
Income
per
Bracket
Tax
Paid
2011 BC Tax Bracket
Effective
Tax Rate
Income
per
Bracket
Tax
Paid
< $37,869 5.06% 37,013 1,873 < $37,869 5.06% 36,146 1,829
$37,870 to $75,740 7.70% 12,346 951 $37,870 to $75,740 7.70% 16,872 1,299
$75,741 to $86,958 10.50% - - $75,741 to $86,958 10.50% - -
$86,959 to $105,592 12.29% - - $86,959 to $105,592 12.29% - -
$105,593 to $151,050 14.70% - - $105,593 to $151,050 14.70% - -
> $151,050 16.80% - - > $151,050 16.80% - -
2012 Totals: 49,359 2,823 2011 Totals: 53,018 3,128
2014 BC Tax
Bracket
Effective
Tax Rate
Income
per
Bracket
Tax
Paid
< $37,869 5.06% 35,859 1,814
$37,870 to $75,740 7.70% 11,202 863
$75,741 to $86,958 10.50% - -
$86,959 to $105,592 12.29% - -
$105,593 to $151,050 14.70% - -
> $151,050 16.80% - -
2010 Totals: 47,061 2,677

38
vii. Largest Life Science Companies in BC (by # of BC Staff)41
Rank Company Areas of Research
Year
Founded
# Global
Staff
(2014)
# BC
Staff
(2014)
1 STEMCELL
Technologies Inc
Stem cell biology focused on hematology,
immunology, neurobiology, breast,
prostate, pancreas, regenerative
medicine and tissue engineering
1993 496 482
2 Neovasc Inc Develops, manufactures and markets
innovative vascular devices offering
pericardial tissue processing, vascular
product development
and design and manufacturing solutions
to industry partners
2000 133 132
3 Arbutus Biopharma
(formerly Tekmira
Pharmaceuticals Corp)
RNA interference therapeutics 1992 103 99
4 Kardium Inc Cardiovascular 2007 86 89
5 Xenon Pharmaceuticals
Inc
Pain, epilepsy, dermatology 1996 71 71
6 Response Biomedical
Corp
Rapid immunoassay diagnostics for
clinical cardiovascular applications,
environmental infectious disease testing
and bio-threat identification
1991 66 65
7 Amgen British
Columbia Inc
Antibody therapeutics for the treatment
of oncology, inflammation, and
infectious diseases
1980 20,000 63
8 Zymeworks Inc Antibody and protein therapeutics
development for oncology, autoimmunity
and anti-inflammation applications
2003 52 46
9 ABM Applied
Biological Materials Inc
Expression libraries for ORF, siRNA, and
miRNA; lentivirus and adenovirus
systems; cell immortalization; stem cells;
next generation sequencing
2004 71 46
10 Celator
Pharmaceuticals
Advanced cancer therapies 2000 35 18
41 Business in Vancouver. (2015, April 28). Biggest Life Sciences companies in B.C. in 2015. Retrieved on October 9, 2015 from
https://www.biv.com/datatables/biggest-life-sciences-companies-in-bc-in-2015/

39
viii. LSBC Membership List (Alphabetical)
Note that the below table does not include any individuals who are members of LSBC.
Name Name Name Name Name Name Name
AbbVie
Corporation
Biolux Research
Ltd.
CPG Systems Inc. ImStar
Therapeutics Inc.
MRM Proteomics
Inc.
Qu Biologics Inc. The Clinical Trial
Company
(Canada) Ltd.
AbCellera Biopep Solutions
Inc.
Curatio Inception Sciences
Canada
MSI Methylation
Sciences Inc.
ReFleX Wireless
Inc.
Trinity Western
University
Abnousi
Corporate
Finance
BioPharma
Solutions
DelMar
Pharmaceuticals,
Inc.
Inliant Dental
Technologies
National
Research Council
Canada
RepliCel Life
Sciences Inc.
TRIUMF
Accel-Rx BioTalent
Canada
DigiBC - The
Digital Media
and Wireless
Association of BC
InMed
Pharmaceuticals
Inc.
Neovasc Inc. Research
Universities'
Council of British
Columbia
True North
Synergy Inc.
ACCT Canada BIOTECanada Discovery Parks
Realty Corp
Innovatek Medical
Inc.
Network
Immunology Inc.
Response
Biomedical Corp.
UCB Canada Inc.
ACETECH Blake, Cassels &
Graydon LLP
DTG Partners Innovation
Boulevard
Neurodyn Life
Sciences Inc.
Reva Solutions
(Canada) Ltd.
University of
British Columbia
AdvantageBC Blender Media DuMoulin Black
LLP
Innovative
Targeting Solutions
Inc.
New B
Innovation
Limited
Rick Hansen
Institute
University of
British Columbia
- Faculty of
Pharmaceutical
Sciences
Aequus
Pharmaceuticals
Boehringer
Ingelheim
(Canada) Ltd.
E-Fund IonsGate Preclinical
Services Inc.
NEXSM Inc. Rostrum Medical
Innovations Inc.
University of
British Columbia
- Sauder School
of Business
Ag-West Bio Inc. Borden Ladner
Gervais LLP
Eli Lilly Canada
Inc.
iProgen Biotech Inc. Northern Lipids
Inc.
Samuel Mercer
Consulting
University of
British Columbia
- UILO
Alectos
Therapeutics Inc.
Boreal Genomics
Inc.
Emergo Group Jackson Laboratory Northview
Ventures
Sanofi Canada University of
Northern BC
Amgen British
Columbia
Bovicor
Pharmatech Inc.
EMMES Canada Janssen Inc. Novartis
Pharmaceuticals
Canada Inc.
Seed Intellectual
Property Law
Group PLLC
University of
Victoria
AON BRI
Biopharmaceutic
al Research Inc.
ESSA Pharma
Inc.
JBL Group Inc. NSERC Pacific Simon Fraser
University
Urban Select
Capital
Corporation
Aquila
Veterinary
Diagnostics Ltd.
Bridge Solutions
Group
Eupraxia
Pharmaceuticals
Inc.
Kardium Inc. OGEE Finance
Solutions Corp.
Simon Fraser
University -
UILO
Vancouver Board
of Trade
Aquinox
Pharmaceuticals
Inc.
British Columbia
Centre for
Excellence in
HIV/AIDS
Farabloc
Development
Corp.
KPMG LLP OncoGenex
Pharmaceuticals,
Inc.
Sirona Biochem
Corp.
Vancouver
Coastal Health
Research
Institute
(VCHRI)
ARC Medical
Devices Inc.
Bull, Housser &
Tupper LLP
Farris, Vaughan,
Wills & Murphy
LLP
Leapfrog
Innovators
Consultancy Inc.
Ondine
Biomedical Inc.
Sitka Biopharma
Inc.
Vancouver
Economic
Commission
Aspect
Biosystems Ltd.
Business In
Vancouver
Fasken
Martineau
DuMoulin LLP
LifeScan Canada
Ltd.
OXIPITA INC. SOHO Biotech
Inc.
VANTEC
(Vancouver
Angel
Technology
Network)
Aspera, an IBM
company
Canada Tidybio
Science and
Technolocy Co
Flanders
Investment &
Trade
(Consulate-
General of
Belgium)
LightIntegra
Technology Inc.
Oyen Wiggs
Green & Mutala
LLP
Sorin Group
Canada Inc.
Verisante
Technology, Inc.

40
AstraZeneca
Canada Inc.
Canada's
Research-Based
Pharmaceutical
Companies
Fusion Genomics
Corporation
LionsGate
Technologies Inc.
(LGTmedical)
Patheon StarFish Medical VERSANT
Ventures
Augurex Life
Sciences Corp.
Canadian
External Quality
Assessment
Laboratory
(CEQAL)
GE Healthcare
Life Sciences
Lipont
Pharmaceuticals
Inc.
Pfizer Canada
Inc.
STEMCELL
Technologies Inc.
Viable
Healthworks
Corp.
Aurin Biotech
Inc.
Cardiome
Pharma Corp.
Genome British
Columbia
Lungpacer Medical
Inc.
PHEMI Health
Systems Inc.
Student
Biotechnology
Network (SBN)
viDA
Therapeutics Inc.
Aurinia
Pharmaceuticals
Inc.
Celator
Pharmaceuticals
GenomeDx
Biosciences Inc.
Malachite
Management Inc.
Phoenix
Molecular
Diagnostics
Symvivo
Incorporated
ViewsIQ Inc.
Aurora Biomed
Inc.
Celgene
Corporation
Genzyme Canada McCarthy Tetrault
LLP
PI Pharma
Inventor Inc.
Tait Laboratories
Inc
VWR
International
Ltd.
BC Cancer
Agency
Centre for Heart
Lung Innovation
GlaxoSmithKline
Inc.
MedGenesis
Therapeutix, Inc.
PR1ME Takeda Canada
Inc.
Washington
Biotechnology &
Biomedical
Association
(WBBA)
BC Clinical
Research
Infrastructure
Network
Chernoff
Thompson
Architects
Gowling Lafleur
Henderson LLP
MedThree
Insurance Group
Precision
NanoSystems
Inc.
Tantalus Medical
Communications
Wavefront
Wireless
Innovation
Society of British
Columbia
BC Innovation
Council
Christensen
O'Connor
Johnson
Kindness
Health Tech
Connex Inc.
Merck Canada Inc. ProNAi
Therapeutics,
Inc.
Tekmira
Pharmaceuticals
Corporation
Wax-it Histology
Services Inc.
BC Preclinical
Research
Consortium
(BCPRC)
Christie
Consulting
Service
Hoffmann-La
Roche Ltd.
MetaMixis Inc. PROOF Centre of
Excellence
Tel-Array
Diagnostics Inc.
World Courier,
an
AmerisourceBerg
en company
BC Technology
Industry
Association
(BCTIA)
Conquer Mobile iCo Therapeutics
Inc.
Michael Smith
Foundation for
Health Research
Providence
Health Care
Research
Institute
Telus Health
Solutions
Xenon
Pharmaceuticals
Inc.
Biocan
Diagnostics Inc.
Contextual
Genomics Inc.
ICORD MPI Research, Inc. PwC The Centre for
Drug Research
and
Development
(CDRD)
Zymeworks Inc.

41
ix. Contacts
Paul Drohan
President and CEO
LifeSciences BC
pdrohan@lifesciencesbc.ca
Joyce Drohan Jason Low, CPA, CA
BC Healthcare Leader Finance and Healthcare Consulting
PwC PwC
joyce.drohan@ca.pwc.com jason.f.low@ca.pwc.com

42
Acknowledgements
Life Sciences British Columbia would like to acknowledge our Members,
Sponsors, Strategic Partners and our Board of Directors whose support
made this report possible.
LifeSciences BC
Suite 580 – 1285 West Broadway
Vancouver, BC V6H 3X8
Tel: (604) 669-9909
Fax: (604) 669-9912
info@lifesciencesbc.ca

BC's Growing Life Sciences Sector

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