Revenues by private companies in the Prince Edward Island bioscience cluster logged in at $612 million in 2023, marking an increase of 84 percent since 2018, said the PEI BioAlliance in a statement.
The umbrella organization for the bioindustries on the Island releases data on the cluster’s economic performance each year. The most recent study of 50 bioscience sector companies based on 2023 business performance shows the sector continues to make progress.
“Through the aligned efforts of business, academia, research, and government partners, the P.E.I. bioscience cluster has surpassed 2025 growth targets and is well on its way to becoming a billion-dollar industry by 2030,” said the BioAlliance in a statement.
Some of the findings in the report include:
- Exports of manufactured products, including pharmaceutical ingredients, diagnostics, vaccines, and natural health products for human, animal, and fish health, were $460 million.
- Investment attraction topped $38 million.
- Capital expenditures were $111 million
- Payroll rose to $115 million, with an average annual salary of $79,300, which the statement said makes the cluster the highest-paying private sector employer in the province.
- The bioscience sector currently employs 2,200 people.
- The sector paid $106 million in federal, provincial and local taxes in 2023, almost doubling in five years.
“In these times of economic uncertainty, it is rewarding to see our sector continue to grow as a key pillar of P.E.I.’s economy,” said Charmaine Noonan, Board Chair, PEI BioAlliance and Senior Director, Merck Animal Health PEI. “We firmly believe that the world will continue to need the specialized health products and services that our highly sophisticated companies are producing.”
The BioAlliance highlighted two recent corporate transactions that demonstrated the progress being made in its sector. In February 2024, Merck Animal Health acquired Elanco Animal Health’s aqua business for US$1.3 billion in cash with PEI fish vaccine manufacturing assets a key part of the transaction. Last September, Agilent Technologies completed its acquisition of biopharmaceutical manufacturer BIOVECTRA for US$925 million.
The BioAlliance also said steps are being taken to overcome two hurdles the sector now faces: the tight market for skilled personnel and the shortage of specialized R&D and manufacturing facilities. The federal and provincial governments recently broke ground on the new $50 million BioAccelerator in Charlottetown.
This 62,000-square-foot multi-function facility will provide lab and manufacturing facilities and services to research organizations and businesses. It will complement such facilities as BIOVECTRA’s mRNA vaccine manufacturing facility, the Canadian Alliance for Skills and Training in Life Sciences training facility, and the Bioscience Manufacturing Incubator.
“The sector’s economic success means positive benefits for Islanders through high-paying jobs and increased government revenues,” said BioAlliance CEO Rory Francis, who will retire this year. “These revenues enable government investments in housing, health care, education, roads, climate change mitigation, and many other programs and services important to Islanders. We’re pleased to continue to contribute to the future prosperity of PEI.”
