Canada, which has the highest COVID-19 vaccination rate in the world, has become a model for its management of the pandemic. Thanks to strong public health measures and strong solidarity throughout the lockdowns and vaccination campaign, Canada has achieved better health outcomes than many similar countries, including the United States. United States, United Kingdom and France. 1
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Canadians have reason to be proud of these results. However, we must not forget the extraordinary cost of the last two and a half years.
The debt burden will take a long time to ease
The pandemic has caused one of the most severe disruptions ever to the Canadian economy. In April 2020, as lockdowns and physical distancing requirements forced businesses to close, unemployment soared to 14.7% and business revenues plummeted. 2 Canada’s GDP growth rate fell below zero for the first time since 2009.
The government’s fiscally liberal response was necessary and it saved the economy from a full blown recession – however, we ran up substantial debt.
Canada ended 2020 with a lower debt burden only than Hong Kong and Japan, and the budget deficit for fiscal year 2020-21 reached a record high of $371.5 billion. 3 As forecasts indicate that it will take until the end of the next decade to pay off this debt, now is the time to focus on our economic recovery, as well as on increasing the resilience and readiness of our medical systems.
Shortcomings revealed
In March 2020, Canada and the rest of the world were caught off guard. As we watched developments around the world, the shortcomings of our own health care system were tragically revealed. Our hospitals have reached breaking point despite COVID-19 hospitalization rates four to five times lower than other countries like the US and UK. Unfortunately, this situation is not surprising, given that Canada has the second lowest number of acute care beds per capita among its peers. We still see the echoes of this fragility today.
The pandemic has also highlighted the fragility of our supply chains in the face of an urgent crisis. We have fallen behind other countries in our ability to provide vaccines. When the first COVID-19 vaccines were approved, other countries were able to produce them locally by retooling existing vaccine manufacturing facilities. Given our limited vaccine manufacturing infrastructure, we did not have that option. We now have the most vaccinated population in the world, although we were one of the last advanced countries to start administering vaccines, which cost us extra lives and prolonged the strain on our medical system.
Need for Made-in-Canada Vaccines
The pandemic has underscored the fundamental importance of our life sciences sector and the need to be agile in the development of new drugs, vaccines and treatments.
In the immediate term, we must continue to strengthen domestic manufacturing capacity and the supply of necessary medicines and medical devices.
This direction is a key aspect of the life sciences strategies released by Ottawa and many provinces in recent months. This work is welcome and consistent with the advice of many outside experts before and during the pandemic.
The past few years have illustrated the high price of complacency. And that’s why we can’t stop now. There is also a need for a broader and more coordinated public policy approach to the life sciences sector, informed by leadership from the sector itself and grounded in the basic needs of Canadians.
A top strategy for Canada includes investing in recruiting the necessary talent and skills, continuing to improve regulatory agility, providing favorable tax treatment and other incentives to drug and technology manufacturers. to invest and innovate in Canada, support the commercialization of Canadian innovations, and better integrate Canadian companies into global supply chains. We also need to invest in the future STEM-trained workforce and remove the barriers that prevent our life sciences companies from accessing top foreign talent. Governments need to follow through on existing commitments in their recently released strategies and introduce governance structures that ensure goals are met.
Prepare for the worst
The pandemic has shone a spotlight on the importance of emergency preparedness and public health as pillars of our national security and economic well-being. We must seize this opportunity to close the gaps in our health systems that have been exposed during the pandemic. In addition to improving the security of Canadians, our investment decisions can support the establishment of a world-class biomanufacturing, biotechnology and medical technology ecosystem, which will contribute to post-disaster recovery. pandemic and future economic growth.
Many countries like Canada are making progress in their strategies to become world leaders in medical innovation. In a competitive world, Canadians expect continued focus on this sector, even as the pandemic winds down.
We can and must do much more to make Canada more resilient through a vibrant life sciences sector, or risk being left behind in an increasingly globalized supply chain.
Let’s keep calm. Let’s continue our way. But let’s make sure Canada does what it takes to be ready for the next pandemic.
* Gordon McCauley is President and CEO of adMare BioInnovations; Lesia Babiak is Head of Government Affairs and Policy at Johnson & Johnson Canada.