The Federal government’s largest ever clinical trial investment set to advance Velocity and national Health Tech startups and improve Canadians’ wellbeing
Velocity will collaborate with the Accelerating Clinical Trials Consortium, backed by the newly established Pan-Canadian clinical trials consortium, which has received $39 million in Canadian Institutes of Health Research (CIHR) funding.
The grant will empower researchers, talent and Velocity startups to make a speedier impact in addressing real-life problems and improve the health of Canadians.
“Velocity is proud to collaborate with the recently announced Accelerated Clinical Trials Consortium (ACT).” said Moazam Khan, Director of Health at Velocity. “The aim of our collaboration with ACT is to expand existing clinical trials and develop new clinical trial networks that will ensure greater validation environments for early-stage entrepreneurs.”Moazam Khan, Director of Health at Velocity
Khan added that “combining Velocity’s health program and bio development labs with ACT’s extensive network of world-renowned Canadian researchers will allow early-stage entrepreneurs developing biotechnology and therapeutics with validation resources such as clinical trials support, scientific advisory and improving access to capital for growth and scale.”
ACT Consortium leader Dr. P.J. Devereaux, Population Health Research Institute (PHRI) of McMaster University and Hamilton Health Sciences, said by collaborating the consortium can maximize clinical trials’ capacity for impact.
“Canadian clinical trialists are among the best in the world, and yet Canadian clinical trials have fallen behind other countries in recent times, as demonstrated during the COVID-19 pandemic,” Dr. Devereaux said.” “Together, we can identify solutions to common trial barriers and operational bottlenecks, creating efficiencies that will increase the number of large, high-impact clinical trials conducted in Canada, ultimately, improving health.”
The funding comes as part of a $131 million dollar investment announced by the Honourable Filomena Tassi, Minister of the Federal Economic Development Agency for Southern Ontario, on behalf of the Honourable Jean-Yves Duclos, Minister of Health.
In all, this new investment supports one clinical trials consortium, seven training platforms, and 22 research projects — Canada’s largest-ever investment in clinical trials.
See more about funding from Canadian Institutes of Health Research.
Learn more about how the funding will facilitate easier and more efficient clinical trials.