According to a recent survey [1], a majority of Canadians (77 per cent) recognize that innovation – in the medical field as well as other sectors – is essential to the future prosperity of the country. Canadians view encouraging new discoveries and innovations as a more important factor in economic prosperity than cutting business taxes or reducing red tape.

While highly valued, only a third of the Canadian population feels that the government is doing a good job of encouraging innovation. This belief is supported by a recently released report [2], in which Canada received a “D” grade for its innovation performance. According to the report, Canada is not taking the steps to ensure that science can be successfully commercialized and used as a source of economic advantage. Innovation is the ability to turn knowledge into new and improved goods and services.

Innovation is an essential component of a high-performing economy. It is also critical to environmental protection, a high-performing education system, a well-functioning system of health promotion and health care, and an inclusive society. Without innovation, all these systems stagnate.