PEI bioscience cluster accelerates as a economic powerhouse
PEI BioAlliance releases new survey data showing private sector revenue exceeds $612 million
From PEI BioAlliance and Springboard Content LAb
Charlottetown, PEI – The Prince Edward Island Bioscience Cluster continues to make its mark as a top driver of the province’s growing economy with private sector revenue reaching more than $600 million.
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.
Some of the findings in the report include:
Exports reach $460 million and other key findings:
- $460 million – Exports of manufactured pharmaceutical ingredients, diagnostics, vaccines, and natural health products for human, animal, and fish health
- $38 million – Investment attraction topped $38 million.
- $111 million – Capital expenditures
- $115 million – Total rise in salaries
- $79,300 – average annual salary of $79,300 – making the bioscience the highest-paying private sector employer in the province.
- 2,200 people – Presently employed by PEI bioscience sector
- $106 million – The sector paid in federal, provincial and local taxes in 2023, almost doubling in five years.
Bioscience sector is a collaboration business, academia & government
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. We firmly believe that the world will continue to need the specialized health products and services that our highly sophisticated companies are producing.”
Charmaine Noonan, Board Chair, PEI BioAlliance and Senior Director, Merck Animal Health PEI
PEI sector 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.”
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.”
The full report is available to read here.