Ever wonder what Ontario’s life sciences sector means to our economy?
A report released today by Life Sciences Ontario (LSO) is the first of its kind to provide an accurate benchmark of our performance compared to other jurisdictions in North America. The verdict? We could be the next global leader in life sciences.
The full report is available for download on the LSO website.
The following highlights and infographic show key findings from the report:
- Ontario’s life sciences sector generates approximately $40 billion in annual revenues, which translates to approximately $38.5 billion in total contributions to Ontario’s Gross Domestic Product (GDP).
- The sector employs approximately 83,000 highly skilled workers at more than 5,600 companies in Ontario.
- Ontario’s sector ranks among the top clusters in North America (top ten by employment and top three by establishments).
- Wages in the sector are also 26.5 per cent higher than those of the provincial average.
- The sector’s job growth outpaced the provincial average by nearly 10 per cent between 2001 and 2013, showing resilience during the 2008 economic downturn.