Ministry of Economic Development and Growth Ontario is partnering with Baylis Medical Company to build a new facility and expand its product development, creating 233 new jobs and retaining 339 positions in Mississauga.
Steven Del Duca, minister of economic development and growth, made the announcement at Canada's MedTech Conference in Toronto.
Baylis Medical develops and manufactures medical devices that are used in cardiology, radiology and spinal procedures. It is one of the few medtech companies with both research and development (R&D) and manufacturing operations in Canada.
With support from Ontario's Jobs and Prosperity Fund, the company is expanding its footprint in Mississauga with a new state-of-the-art "Baylis Medical Innovation Centre" that will centralize the company's R&D activities. This expansion will allow Baylis Medical to develop a number of new product lines, including four technologies that will be produced for the first time, anywhere in the world. It will also help the company expand into new international markets in Europe and Asia.
Ontario's plan to support care, create opportunity and make life more affordable during this period of rapid economic change includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care and free prescription drugs for everyone under 25, and over 65, through the biggest expansion of Medicare in a generation.
Quick Facts
- Ontario is providing a loan of up to $9.46 million and a grant of up to $7.74 million through the Jobs and Prosperity Fund. This is part of a larger overall investment by the company valued at $130.91 million. The project is scheduled for completion in summer 2023.
- Ontario first partnered with Baylis Medical in 2016 to support an R&D expansion project at the company’s Mississauga plant. The project’s positive progress has put Baylis Medical in a position to further expand in the medtech sector.
- The Jobs and Prosperity Fund helps secure private sector investment in Ontario, allowing the government to partner with businesses that are creating jobs and enhancing productivity, innovation and exports. Every dollar invested through the fund leverages an average of $10 in private sector investments. Since January 2013, Ontario has announced 35 JPF projects with government commitments totaling over $830 million, leveraging over $10.9 billion in total investment.
- As part of the Good Jobs and Growth Plan, Ontario will renew, enhance and extend the Jobs and Prosperity Fund with an increase of $900 million over the next 10 years. The fund will support investments designed to help Ontario’s businesses grow with the aim of creating and retaining over 70,000 jobs in Ontario and leveraging more than $9 billion in private sector investments.
- Ontario plans to increase the number of postsecondary students graduating in science, technology, engineering and mathematics (STEM) disciplines by 25 percent over the next five years, to 50,000 per year. This will give Ontario the highest number per capita of postsecondary STEM graduates in North America.
Quotes
“Supporting forward-thinking and innovative companies like Baylis Medical Company is what the Jobs and Prosperity Fund is all about. Our government is thrilled that the company is expanding in Ontario again, following the success of our first partnership. This will help the company make an even greater impact on helping patients, while accelerating the growth of Ontario’s economy and creating high value jobs in the province.” – Steven Del Duca, minister of economic development and growth
“Baylis Medical is a cornerstone of Mississauga’s thriving medtech sector, and we are thrilled that it is expanding here. With this support from Ontario’s Jobs and Prosperity Fund, Baylis Medical will continue to develop innovative health technologies to help people around the world live healthier lives, while creating good jobs for the local community here in Mississauga.” – Amrit Mangat, MPP for Mississauga-Brampton South
“Ontario is becoming a global magnet for medtech innovation thanks to homegrown companies like Baylis. Together, we are transforming Ontario’s health system by accelerating the development and adoption of new health technologies that can improve the lives of patients and create jobs.” – William Charnetski, chief health innovation strategist for Ontario
“We are pleased to partner with the Ontario government on this expansion, which marks a significant next chapter in the development of our company. The Baylis Medical Innovation Centre will sharpen our competitive edge as we continue to expand our international reach and position our company as a global leader in the medtech sector.” – Kris Shah, president, Baylis Medical Company