Life sciences businesses on Prince Edward Island brought in more than $600 million of revenue in 2022, according to research from the P.E.I. BioAlliance.

A survey by the industry group of about 50 of its member companies found their combined revenue increased by about $250 million compared to 2020, or nearly 70 percent -- that's also a four percent increase compared to 2021's total of $575 million.

The growth reflects momentum in a sector that stands out as a particular strength of P.E.I.’s innovation economy. In 2022, the same year for which the BioAlliance has released data, Ontario-based Communitech sought out Canadian companies that it believed were on track to reach $1 billion in revenue by 2030. Only one Atlantic Canadian company made the list: Charlottetown vaccine manufacturer BIOVECTRA.

And last month, Indiana pharmaceuticals giant Elanco Animal Health sold its Prince Edward Island business unit, a stalwart of the province’s life sciences cluster, to Merck & Co. for US$1.3 billion, or C$1.75 billion.

“Sustained sector growth year-over-year is a direct result of PEI’s bioscience companies being competitive in the global market,” said BIOVECTRA chief executive and BioAlliance chair Oliver Technow. “BioAlliance partners  form a cohesive business ecosystem that enables both established industry leaders and emerging companies to grow successful businesses.”

Biotech companies on the island also attracted $64 million of investment, down from $110 million the year prior, and spent over $61 million on capital expenditures.

To meet the growing demand for talent created by the life sciences sector’s growth, the BioAlliance's Canadian Alliance for Skills and Training in Life Sciences late last year launched an upskilling program for biomanufacturing both on P.E.I. and nationally.

On the infrastructure front, meanwhile, P.E.I. will by 2025 boast a $50 million bio-industrial park, including 75,000 square feet of space for biomanufacturing research and manufacturing scaleup activities. The project is an expansion of the existing BioCommons Research Park in Charlottetown.