Province investing in medical devices manufacturing in Ottawa
Ottawa-based medical OEM plans to expand production and grown its business, based on a partnership with the Ministry of Economic Development, Employment and Infrastructure Ontario. The firm expects to create 48 new jobs, while retaining 263 positions.
Epocal manufactures blood diagnostic systems with wireless-enabled technology for hospitals and acute care facilities to support bedside testing of blood gases, electrolytes and metabolites. With $1.5-million in support from the Eastern Ontario Development Fund, Epocal will install two new production lines, upgrade equipment to expand its capabilities and develop a new test card with additional features. The project has a total value of over $10.5-million and is expected to be completed by the end of 2018.
Create jobs and diversify the economy
The Eastern Ontario Development Fund is helping to create jobs and diversify the economy by encouraging regional businesses to pursue innovation and new markets. The fund was the model for the successful Southwestern Ontario Development Fund. Together these two funds are helping to create and retain more than 42,000 jobs and attract more than $1.9-billion in investment.
The funds typically cover up to 15 per cent of eligible project costs, with the recipient company funding the remainder from its own resources. This leveraging of private sector investment provides enhanced value for taxpayers.
Attracting new investment to Eastern Ontario is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario’s history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
* Ontario ranks second in North America, after California, in terms of the number of medical devices firms.
* Canada has the lowest cost for medical devices manufacturing among G7 countries: France, Germany, Great Britain, Italy, Japan, and the United States.
* Since 2008, the government has committed over $89 million through the Eastern Ontario Development Fund, leveraging private-sector investment of more than $840 million. These investments are helping to create over 3,800 new jobs and retain more than 14,700 existing jobs in the region.
* Ontario is accepting applications for the Eastern Ontario Development Fund from qualified businesses that are growing and creating jobs. Sectors eligible for the fund include advanced manufacturing, food processing, life sciences, information and communications technology, tourism and cultural industries.
* Ontario’s five-year, $400-million Business Growth Initiative is helping to grow the economy and create jobs by promoting an innovation-based