Canadian Technology News is running a report on the prospects of the biotech industry in Canada, following the release of a report by The Conference Board of Canada (CBC), proposing biotechnology as platform for Canada's growth.

The article emphasizes 2 obstacles to making Canada competitive in the biotech industry: lack of funding and competing for talents. Trefor Munn-Venn, the report's author and principal research associate in the CBC's innovation and knowledge management group, says that Canada needs to attract venture capital, and follow the lead of Singapore's Biopolis in recruiting skilled labour force from US and elsewhere.

Here's the highlight of Biotechnology in Canada: A Technology Platform for Growth:

Biotechnology is a critical technology platform essential to Canada's ongoing prosperity. Countries like Australia, the United Kingdom, India, the United States and Japan are investing heavily in research and development, aggressively developing and attracting world-class talent, and establishing highly focused strategies to harness the promises of biotechnology. In order to stay competitive in this environment, Canada needs to address several weaknesses without delay: we need to make biotechnology a strategic priority; we need to improve our commercialization track record; we need to attract more risk capital; and we need a more ample supply of highly skilled people. Biotechnology in Canada: A Technology Platform for Growth discusses why biotechnology matters, examining it through the lens of innovation to assess Canada's past and potential performance. It explores the key issues affecting biotechnology in Canada, such as research funding, access to capital and the biotechnology workforce, in order to identify problems and suggest solutions.

Download the full report here.