Government of Canada Supports Southern Ontario's Medical Technology Industry

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 10, 2012) - A Government of Canada investment in Medical Devices Canada, a national medical technology association operating as MEDEC, will help establish a new program to support the growth of southern Ontario's medical technology businesses and will create high-value jobs. Ted Opitz, Member of Parliament for Etobicoke Centre, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), made the announcement today.

"Our Government is pleased to support projects that provide the tools that businesses need to become more productive and competitive in the global marketplace," said MP Opitz. "Supporting the medical technology sector in southern Ontario will create high-quality jobs and long-term stability for a growing area of Canada's export economy."

MEDEC is receiving up to $990,000 through FedDev Ontario's Prosperity Initiative for its small- and medium-sized enterprise (SME) division, the Canadian MedTech Manufacturers' Alliance (CMMA) to establish the New Horizons for MedTech program. The program will provide support to SMEs in the medical technology sector in southern Ontario. New Horizons for MedTech will provide contributions of up to $30,000 per SME for projects that support their global market development efforts and increase their export capability. This program is expected to result in the creation of 30 full-time jobs in the short term and allow the region's medical technology companies to achieve their export development goals and grow the industry as a whole.

"On behalf of MEDEC and our Board of Directors, we value this FedDev Ontario financial support as it will provide a tremendous benefit to southern Ontario SMEs as they undertake exporting their medical device technologies beyond Canada's borders," said Brian Lewis, MEDEC President and CEO.

For more information on this project and the Prosperity Initiative, please see the backgrounder.

Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.

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This news release is available online at: www.actionplan.gc.ca.

Backgrounder

Contribution to CMMA-MEDEC

FedDev Ontario, through its Prosperity Initiative, is providing a non-repayable contribution of up to $990,000 to Medical Devices Canada, an industry association that operates as MEDEC. Established in 1973, the organization has developed and strengthened the medical device and technology (MedTech) sector in Canada by working with a variety of stakeholders. It cooperates with medical associations, different levels of government, and the public to foster an environment that supports the MedTech industry and the adoption of new technologies that are being produced.

This contribution from FedDev Ontario will allow MEDEC's Canadian MedTech Manufacturers Alliance (CMMA) to establish New Horizons for MedTech. This program will help small- and medium-sized enterprises (SMEs) in southern Ontario to achieve their export development goals and will advance global market development for the industry as a whole. The program will provide up to 50 per cent matching funds to a maximum of $30,000 per recipient.

The program will fund projects to help SMEs with at least one commercialized product that:

• Have never exported, but are considering export options;
• Have decided to export and are in the preparation stage;
• Have exported, but need to improve competitiveness to expand into additional markets.

CMMA-MEDEC anticipates that the project will support approximately 30 businesses. Companies interested in applying for funding through the New Horizons for MedTech program should inquire by contacting nhm@medec.org.

For more information about MEDEC, please visit www.medec.org.

Prosperity Initiative

FedDev Ontario's Prosperity Initiative is designed to encourage businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy in the region.

Funding is available for projects that:

• enhance productivity, by accelerating the adoption of new technologies, processes and skills to enhance businesses and sectors in southern Ontario to achieve higher output in relation to their investments;
• diversify the regional economy, by increasing the number of new industries or opportunities in southern Ontario communities or regions with the potential to have long-term impacts on their economic diversity; and
• build a competitive advantage for southern Ontario, by building on the assets and strengths of southern Ontario businesses and regions to create or expand economic clusters and enhance their global competitiveness.

Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the Program Guidelines available at www.FedDevOntario.gc.ca.