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New federal investment in improving the care and management of chronic diseases.
Posted On: September 26, 2016
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The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, made the funding announcement on July 21, 2016, in Newmarket, Ontario.
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced an investment of up to $15 million to York University and its partners, Southlake Regional Health Centre and the University Health Network, to support a major project focused on improving care options for managing chronic disease. The investment has been matched by an additional $19.5 million from 36 partners, bringing the total project budget to $34.5 million.
Rates of chronic disease are rising in Canada 14% annually and three out of five Canadians over 20 years of age have at least one chronic disease [Centre for Chronic Disease Prevention and Control, Public Health Agency of Canada, Statistics Canada]. The costs of chronic disease in Canada are enormous—amounting to $190 billion annually—and these costs are rising faster than economic growth [National Health Expenditure Database, CIHI; The Conference Board of Canada].
The project will be used to bring academic, hospital and business partners together to develop and commercialize clinical applications and medical devices to improve the care and efficient management of chronic disease. The new technologies to be developed have the potential to improve patient outcomes and improve the efficiency of health care, while reducing costs.
In total, the project will support the development of 37 technologies, enable the creation of 72 new collaborations and close to 130 new jobs for Canadians. FedDev Ontario is supporting this project through its Investing in Commercialization Partnerships initiative.
Regarding the initiative, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, said, “The most innovative solutions often happen when people from different fields collaborate. That's why it's important for universities, healthcare providers, the business community and government to work together. That's how we will come up with health‑care solutions that improve the quality of life for Canadians."
Rates of chronic disease are rising in Canada 14% annually and three out of five Canadians over 20 years of age have at least one chronic disease [Centre for Chronic Disease Prevention and Control, Public Health Agency of Canada, Statistics Canada]. The costs of chronic disease in Canada are enormous—amounting to $190 billion annually—and these costs are rising faster than economic growth [National Health Expenditure Database, CIHI; The Conference Board of Canada].
The project will be used to bring academic, hospital and business partners together to develop and commercialize clinical applications and medical devices to improve the care and efficient management of chronic disease. The new technologies to be developed have the potential to improve patient outcomes and improve the efficiency of health care, while reducing costs.
In total, the project will support the development of 37 technologies, enable the creation of 72 new collaborations and close to 130 new jobs for Canadians. FedDev Ontario is supporting this project through its Investing in Commercialization Partnerships initiative.
Regarding the initiative, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, said, “The most innovative solutions often happen when people from different fields collaborate. That's why it's important for universities, healthcare providers, the business community and government to work together. That's how we will come up with health‑care solutions that improve the quality of life for Canadians."