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Source: businesswire | Published on: Wednesday, 26 February 2025
CHARLOTTETOWN, Prince Edward Island--(BUSINESS WIRE)--The Prince Edward Island Bioscience Cluster continues to make its mark as a top driver of the province’s growing economy. Today, the PEI BioAlliance released the results of a survey of over 50 bioscience sector companies based on 2023 business performance. Private sector company revenues reached more than $612 million, with a GDP impact that makes bioscience the second-largest industry in Prince Edward Island, growing 84% since 2018.
Exports of manufactured products outside of Canada, including pharmaceutical ingredients, diagnostics, vaccines, and natural health products for human, animal, and fish health were $460 million. Investment attraction topped $38 million, and capital expenditures were $111 million, highlighting the significant growth and expansion of PEI businesses. Notably, spending on salaries rose to $115 million, with an average annual salary of $79,300, making the Cluster the highest-paying private sector employer in the province. The bioscience sector currently employs 2,200 people.
The sector is a major contributor to provincial, federal, and local governments’ tax revenue, with an annual contribution of $106 million in 2023, almost doubling over the previous five years.
PEI’s bioscience community is recognized nationally and internationally for its collaborative economic cluster model that drives innovation and sector growth. Through the aligned efforts of business, academia, research, and government partners, the PEI Bioscience Cluster has surpassed 2025 growth targets and is well on its way to becoming a billion-dollar industry by 2030.
“In these times of economic uncertainty, it is rewarding to see our sector continue to grow as a key pillar of PEI’s economy,” said Charmaine Noonan, Board Chair, PEI BioAlliance and Senior Director, Merck Animal Health PEI. “We firmly believe that the world will continue to need the specialized health products and services that our highly sophisticated companies are producing.”
PEI’s bioscience sector recently captured international headlines with two landmark transactions.
In September 2024, Agilent Technologies completed its acquisition of biopharmaceutical manufacturer BIOVECTRA for $925 million (USD). In February 2024, Merck Animal Health acquired Elanco Animal Health’s aqua business for $1.3 billion (USD) in cash with PEI fish vaccine manufacturing assets a key part of the transaction. These landmark deals reflect the global recognition and value of companies that have grown from early beginnings in PEI.
The rapid growth of the Cluster has put pressure on two key enablers of continued success: the availability of skilled personnel and the availability of specialized R&D and manufacturing facilities.
To address these challenges, the Governments of Canada and Prince Edward Island recently broke ground on the $50 million BioAccelerator, a unique in Canada 62,000 sq ft multi-function facility that will provide lab and manufacturing facilities and services to research organizations, entrepreneurs, and small and medium-sized companies that are the economic drivers of future growth.
Located in the BioCommons Research Park in Charlottetown, the BioAccelerator will build upon recent public and private sector investments such as BIOVECTRA’s first-in-Canada mRNA vaccine manufacturing facility, the Canadian Alliance for Skills and Training in Life Sciences (CASTL) training facility, and the Bioscience Manufacturing Incubator.
“It’s incredibly encouraging to see how investments from multiple levels of government into a strategic sector like the biosciences have helped it successfully accelerate to being an Island economic force. As we continue to support a healthy, sustainable, and diverse economy, the Province is pleased to see Island bioscience businesses and their goods and services reach global markets,” added Minister of Economic Development, Innovation and Trade Cory Deagle.
Rory Francis, CEO of the PEI BioAlliance said that these advancements are investments in the province’s future. “The sector’s economic success means positive benefits for Islanders through high-paying jobs and increased government revenues,” said Francis. “These revenues enable government investments in housing, health care, education, roads, climate change mitigation and many other programs and services important to Islanders. We’re pleased to continue to contribute to the future prosperity of PEI.”
For more information on the PEI BioAlliance and the local bioscience cluster, visit peibioalliance.com.
About the PEI BioAlliance
Since 2005, the PEI BioAlliance has coordinated the development and growth of the province's bioscience cluster and established the conditions for business success. The cluster creates high-quality, Island-based jobs in the areas of human, animal, and fish health and nutrition. The PEI BioAlliance is a partnership of 60 businesses, academic and research institutions, and federal and provincial government agencies, dedicated to establishing the bioscience sector as a key pillar in the economic foundation of the province and Atlantic Canada.
