Canada Sets Foot in Medical Devices Industry
Published By : 26 Aug 2014 | Published By : QYRESEARCH
With Europe, the U.S. and Asia already established in the $335 billion medical devices industry, Canada is all set to join the race. The federal government has already invested $15 million into a Medical Devices Commercialization Centre, and another $15 million is expected from other partners. The centre, which will be located at the University of Ottawa Heart Institute, aims to improve, encourage and promote the use of medical devices - both cardiac and non-cardiac - that have been designed and produced in Canada. The not-for-profit Medical Devices Commercialization Centre is a part of the University of Ottawa’s Medical Devices Innovation Institute.
The medical devices market has grown significantly in recent years thanks to benefits such as improved quality of life for the patient, reduced recovery time, and lesser pain and discomfort. The centre in Ottawa will first evaluate the clinical requirement and market demand in order to produce innovative, safe, effective, and reliable devices. Patients in the country will benefit from the cutting-edge technology and the quality of healthcare is bound to improve considerably. The overall healthcare industry in Canada will also grow, carving a niche for itself in the multibillion dollar global industry.
The university hopes that the government will create incentives and eliminate barriers with respect to commercialization of medical devices in the country. The major stakeholders of the Canadian medical devices market will include colleges, universities, hospitals, and government and private agencies.
According to a statement issued by the university on Monday, the Medical Devices Commercialization Centre will be set up in the next few months.