A press release from the Ministry of Research and Innovation has announced that Ontario is investing $25 million over five years in to stem cell research. The funds are being directed to the Institute for Regenerative Medicine (Toronto, Canada) to support investigations into potential new treatments and therapies for people living with chronic diseases, such as cancer, multiple sclerosis and diabetes — diseases that contribute over a hundred billion dollars to healthcare costs annually.
The announcement was made by Minister Moridi to the 150 scientists working on stem cells and regenerative medicine at the Institute. The funding was highlighted in the 2015 Budget, alongside other investment initiatives, such as investing in people’s skills, public infrastructure and creating a dynamic business environment. With the current global market for cell therapy and tissue engineering projected to reach just under $20 billion by the end of 2015, investments such as this may truly pay off. There is no denying the commercial promise of clinically effective stem cell therapies.
As the home of the first stem cell discovery, the hope is that this funding will propel Ontario up the rankings of world leaders in this research field as well as attract international interest, clinical trials and private sector investment.
“Ontario is exceptionally rich in terms of research talent, commercial capacity and a strong health care system, which is why it is a powerhouse in the field of regenerative medicine. We are extremely pleased with this government’s support and investment in the Ontario Institute of Regenerative Medicine, which we will turn into stem cell therapies, technologies and innovation for Ontario’s future health and prosperity,” said Janet Rossant, Executive Director of the Ontario Institute for Regenerative Medicine.
Source: Ontario Invests $25 Million in Stem Cell Research; http://news.ontario.ca/mri/en/2015/06/ontario-invests-25-million-in-stem-cell-research.html