Capital gains tax changes are a setback for Canadian biotech competitiveness

The federal budget’s decision to increase the capital gains tax could significantly hinder the momentum of Canada’s biotech sector just as it begins to reap the rewards of a generational surge in innovation and growth.

The pandemic’s economic, social, and health impacts effectively focused the attention of policymakers on the strategic importance of building a competitive domestic life science and biomanufacturing industry. Nearly four years after the onset of the pandemic, the Canadian government has been prudently preparing for another similar global health emergency through a Life Sciences and Biomanufacturing Strategy and a corresponding government investment strategy into the space. With its vibrant ecosystem including world-class scientific research, hundreds of early-stage biotech companies, and a strong global pharma presence, Canada is building its capacity from a position of strength.

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