Amidst the recent COVID-19 outbreak, Canada along with its government and health care sector has been working hard to fuel dedicated research to help combat this pandemic.
In addition, the government has also been consulting with experts and researchers globally using all resources available to come up with a feasible solution to this problem.
Canada’s health minister announced another $25.8 million of funding in addition to the previous $26.8 million pledged by Prime Minister Trudeau to increase Canada’s research and development capacity including treatment and vaccine development. This additional funding has allowed for the capacity of COVID-19 research projects to double bringing the total up to 96 projects.
“The outbreak of COVID-19 evolves quickly and protecting the health of Canadians is our priority. The additional teams of researchers receiving funding today will help Canada quickly generate the evidence we need to contribute to the global understanding of the COVID-19 illness. Their essential work will contribute to the development of effective vaccines, diagnostics, treatments, and public health responses.” – The Honourable Patty Hajdu, Minister of Health
It is the extensive effort of the Canadian health care system, businesses and institutions paired with these innovation grants that have worked to deliver six vaccine projects across the country in partnership with institutions such as Laval University who is working on reverse engineering a vaccine following their success with Zika and MERS viruses while the University of Alberta is working on a DNA based vaccine just to name a few efforts.
Canadian businesses across the country are also making their personal contributions in this fight against COVID-19 supporting federal efforts. The University of Waterloo has shifted the focus of its Multi-Scale Additive Manufacturing Laboratory to produce face shields for health care workers on the front line. Several manufacturing firms are focusing on producing more protective equipment for medical professionals in need in hospitals nationally and the government is supporting this effort with specialized grants. In Vancouver, a biotech named AbCellera, is working on identifying a vaccine based on antibodies found in patients who have already recovered from COVID-19 and have been successful in identifying over 500 antibodies as candidates. Medicago, a Quebec based therapeutic is already in its pre-trial phase with a natural plant-based vaccine for COVID-19. Larger organizations such as the National Research Council of Canada and others such as University of Saskatchewan’s Vaccine and Infectious Disease Organization are amongst a few who have received additional funding to further research this disease that has taken the world by storm.
Through readily accessible funds, resources and incentive programs, Canada is working to maximize mobilization efforts in this fight against COVID-19 with its focus on health care innovation.
This research and development funding comes in addition to R&D money already granted by the Government of Canada through their Scientific Research and Experimental Development Credit program.
The SR&ED credit incentivizes research and development in Canada and is awarded in one of three forms: an income tax deduction, an investment tax credit or a refund. This program provides over $3 billion in funding to over 20,000 claimants to cohesively be the single largest federal business R&D supporting incentive.
Based on a business’s SR&ED eligibility, a large portion of expenses incurred are reimbursed by the government through this program allowing institutions and businesses to continue their effort with minimal personal cost. Such federal efforts in challenging times like this prove to be crucial to the fight against a virus such as COVID-19.
EVAMAX specializes in helping companies maximize their potential for the same research and development funding through the federal government. Contact EVAMAX today to make your ground-breaking and innovative contribution to the global fight against COVID-19 and learn more about government grants applicable to you and your business.