Overview
What is a Medical Device?
Medical devices are diagnostic or therapeutic articles that do not achieve any of its principal intended purposes through chemical action within or on the body. Such devices can be interventional & implantable cardiology, diagnostic & therapeutic ultrasound, diagnostic testing and analyzing, vital sign monitoring, MRI, point-of-care instruments, crutches, electrodes, pacemakers, arterial grafts, intraocular lenses, and orthopedic equipment.
Sector Overview
There are more than 200 medical device companies in Western Canada, employing approximately 4,000 people. The majority of these companies are located in Vancouver, British Columbia, the 2nd most cost-competitive place for the medical device business in Western North America.
The University of British Columbia is the first-ranked academic institution and third-ranked organization overall in Canada for the number of U.S. patents granted between 1997 and 2002, behind only Nortel Networks and Siemens. In 2005, The Scientist ranked the University of British Columbia ninth in North America and first in Canada for producing high quality patentable research.
Investing in BC's Medical Device Industry
- Shorter development windows with rapid market access
- Lower costs and less time to run clinical trials than for pharmaceuticals
- Operating cost savings of up to 20% in biotech in R&D and manufacturing
- Multiple access points to assess, participate in, and benefit from research developments
- Immediate and full write-off for all expenditures in R&D capital equipment
- Significant refundable R&D tax credits that reduces burn rate to as little as 32 cents on the dollar
- First jurisdiction in North America where companies receive a tax refund based on income generated from life science patents (75% up to $8 million annually)
Additionally, Western Canada medical device firms tend to operate in niche markets and develop partnerships with complementary firms, a business plan that is attractive to many foreign medical device companies as well as venture capital investors. Local companies which have already partnered with leading international biopharma companies include QLT (with Novartis Ophthalmics) and Angiotech (with Boston Scientific).
For more information about the Medical Device Sector, please contact:
Brendan Payne, Biomedical Sector Manager
604-602-5255
bpayne@lifesciencesbc.ca
View LifeSciences BC's Medical Device Members
Resources
Regulatory Affairs for Medical Devices