Stem Cell Network Welcomes a New Federal Investment of $45 Million Over Three Years
Canada’s Stem Cell Network (SCN) welcomes Budget 2021 entitled “A Recovery Plan for Jobs, Growth, and Resilience” and its continued commitment to supporting high quality health research. The budget announcement of funding of $45 million over three years for the Stem Cell Network is of vital importance as our research community works to develop the knowledge, therapies and technologies that will benefit those who are living with and fighting chronic disease and severe illnesses such as COVID-19 and its long-term effects.
“We enthusiastically welcome today’s budget announcement and the government’s continued support and trust in SCN. This year we are celebrating our 20th anniversary and the important advancements that have been made by Canadian-based researchers in areas such as type 1 diabetes, retinal degeneration, and neurodegenerative diseases such as Parkinson’s and MS. But there is so much more to do, and this new funding provides a critical injection at a time when regenerative medicine is beginning to fire on all cylinders,” said Dr. Michael Rudnicki, Scientific Director & CEO of the Stem Cell Network.
The field of regenerative medicine, fueled by stem cell research, has the potential to deliver novel therapies by regrowing, repairing or replacing damaged cells, tissues and organs. The Alliance for Regenerative Medicine reported in 2020 that $19.9B USD was raised in sector financing globally, shattering previous annual financing records. Here in Canada, the Institute of Health Economics projects that Canada can capture 5% of the global market by 2035. This would be a value of $5B CDN and 6,000 new jobs. Regenerative medicine is exploding and can serve to be an important cornerstone to Canada’s economic recovery.
“Canada’s stem cell research community is world class and continually punch above their weight. In a 2020 international survey of stem cell researchers from 12 different countries, 53% of respondents listed Canada as one of the top three most significant contributors to the stem cell field. While 79% described Canada’s leadership as outstanding or considerable. Budget 2021’s commitment is another vote of confidence in Canada’s stem cell research community,” said Cate Murray, Executive Director & COO.
The Stem Cell Network’s Board and Management will now be considering how best to effectively and efficiently support additional research taking place across Canada that will have a direct and meaningful benefit for the health and well-being of all. More information will be made available in the coming weeks via SCN’s website.
Source : Stem Cell Network website.