Greater Montréal’s Life Sciences and Health Technology (LSHT) sector is a key economic driver. Over the years, the region has grown to become one of the biggest LSHT hubs in North America.
THE HIGHEST CONCENTRATION OF LSHT BUSINESSES IN NORTH AMERICA
Greater Montréal is Canada’s largest research hub and home to numerous contract manufacturing organizations (CMOs) and contract research organizations (CROs) as well as providers of related services.
The region has made a name for itself internationally in areas of excellence such as:
- oncology,
- cardiovascular and metabolic diseases,
- neuroscience and mental health,
- infectious diseases,
- aging,
- precision medicine,
- cellular therapy and regenerative medicine.
Did you know?
GREATER MONTRÉAL’S LSHT INDUSTRY – FACTS AND FIGURES
- More than 45,000 LSHT jobs, ranking Greater Montréal 6th among North American metropolitan areas
- 600 organizations, including 300 public and broader public research organizations, employing 12,000 researchers and professionals
- Two new state-of-the-art mega teaching hospitals with world-class research centres: the McGill University Health Centre (MUHC) and the Centre hospitalier de l’Université de Montréal (CHUM)
- 11 universities with over 27,000 students enrolled in LSHT programs, including McGill University, Université de Montréal, and École des Technologies Supérieures
- A 14% cost advantage for businesses in the LSHT sector over other cities
- A dynamic ecosystem supported by Montréal InVivo, an industry cluster that engages stakeholders on issues of shared interest
Greater Montreal Keeps Good Company:
A high concentration of global industry leaders such as:
- ABBVIE
- BIOMÉRIEUX
- BRISTOL-MYERS SQUIBB
- CHARLES RIVER
- GLAXOSMITHKLINE
- MEDTRONIC
- MERCK
- NOVARTIS
- OTSUKA
- PHARMASCIENCE
- PFIZER
- ROCHE DIAGNOSTICS
- SANOFI
- SERVIER
- SHIRE
- VALEANT
- VERTEX
- ZIMMER
ATTRACTIVE TAX AND FINANCIAL INCENTIVES
1. Scientific Research and Experimental Development (SR&ED) tax credit program 15% from the Government of Canada and 14% refundable, from the Government of Québec
2. Financial assistance for job creation and training 25% of eligible costs to implement a training program and 50% of costs incurred to create a human resources department
3. ESSOR fund for major projects Refundable and non-refundable contributions, as well as loan guarantees
4. Tax holiday for qualified foreign researchers and experts Provincial income tax exemption for five years
WHAT MAKES GREATER MONTRÉAL THE PERFECT PLACE FOR THE LSHT INDUSTRY?
A strategic geographic location with direct access to international and NAFTA markets
A deep pool of bilingual, highly qualified workers
Canada’s capital of higher education
The lowest operating costs in the LSHT industry among North America’s 20 biggest cities
(KPMG, 2015)
Highly competitive, targeted tax incentives that meet industry needs
Top city in North America for hosting international events (Union of International
Associations, 2015)
A LOOK AT FOREIGN SUBSIDIARIES IN GREATER MONTRÉAL
Greater Montréal’s LSHT industry is dominated by multinationals: the region is home to over 200 foreign subsidiaries employing close to 20,000 people. About half of those subsidiaries report to parent companies in the United States, with the remainder belonging to European or Asian firms.
The industry is also bolstered by local companies with a strong international reputation.
For more information please contact:
Montreal International
380 Saint-Antoine Street West
t 514-987-8191
Suite 8000
f 514-987-1948
Montréal, Québec H2Y 3X7
www.montrealinternational.com
