BIOQuébec reacts favourably to the Quebec Government's announcement of its new Development Strategy for the Biopharmaceutical I

BIOQuébec reacts favourably to the Quebec Government's announcement of its new Development Strategy for the Biopharmaceutical Industry

MONTREAL, Oct. 8 /CNW Telbec/ - The president of BIOQuébec's board of directors, Mr. Yves Rosconi, welcomed Quebec's new Development Strategy for the Biopharmaceutical Industry, which was revealed earlier today by Mr. Clément Gignac, Minister of Economic Development, Innovation and Export Trade.

Reacting to Minister Gignac's announcement, made during the BioContact symposium which took place in Québec, Mr. Rosconi stated the following: "We are thrilled that the Quebec government has finally adopted a strategy that shows the government's will to support our industry, which has been confronted with unprecedented difficulties for nearly a year now."

"We are also extremely pleased to note that the Minister has retained some of the recommendations made by BIOQuébec, added Mr. Rosconi. This way, biotechnology companies within the human health industry will benefit from a short term support measure thanks to the quarterly financing of their tax credits for scientific research and experimental development", stated Mr. Rosconi. He also added that this measure, which will help companies in managing their liquidity, was part of a series of temporary emergency measures recommended by BIOQuébec, to enable biotechnology companies to remain operational until the financial markets have been restored.

"Although this financial assistance meets the needs of only some of our members, more specifically those biotechnology companies within the human health industry, BIOQuébec will pursue its efforts so as to enable biotechnology companies from other industries, such as animal health, nutriceuticals and functional foods, to also eventually benefit from the Quebec government's financial assistance", declared Mr. Rosconi.

Moreover, BIOQuébec is pleased to note that with the adoption of its new development strategy, the Quebec government aims to bring together pharmaceutical companies and biotechnology companies. "This bridging was part of our recommendations; although certain details pertaining to its implementation and operations have not yet been finalized, our association will provide its full support, in order for this initiative to be implemented as quickly as possible", stated Mr. Rosconi.

"The adoption of this new strategy proves to be a step in the right direction, stated Mr. Rosconi, but the fact remains that biotechnology companies remain vulnerable. BIOQuébec will continue its lobbying efforts with the Quebec government in order to implement the structuring measures that were recommended some time ago by BIOQuébec and, which were meant to ensure the longevity of the biopharmaceutical industry in Quebec."

About BIOQuébec

BIOQuébec is a biotechnology and life science industry association representing more than 150 member companies and organizations in Quebec. The association works to create a business environment, which favours the growth of the life science industry. BIOQuébec is committed to promoting access to capital as well as access to development and marketing partners, to the development of the workforce, to the implementation of a competitive regulatory fiscal framework and to the promotion of its members among various publics, in Quebec and internationally.