INOVAIT reveals Canada's strategic advantages in image-guided therapy and artificial intelligence in latest report

TORONTO, Oct. 16, 2024 /CNW/ - INOVAIT, the pan-Canadian innovation network supporting advancements and commercialization in image-guided therapy (IGT) and artificial intelligence (AI), is excited to share their latest report titled, 'Unlocking Medtech's Potential: Canada's Strategic Advantages in Image-Guided Therapy & AI'. Through synthesized insights from interviews with founders and executives from 30 IGT companies in the INOVAIT Network, this new report uncovers the untapped potential of the image-guided therapy sector in Canada.

Image-guided therapy encompasses groundbreaking technologies that integrate medical imaging techniques to enhance the full spectrum of patient care from diagnostic interventions to treatment planning and execution, and post-treatment evaluation. This innovative healthcare route, championed by Sunnybrook Research Institute, is gaining traction in healthcare due to its significant improvements in patient outcomes, provider experience, and cost-effectiveness.

Key Findings: The Benefits of Building an IGT Company in Canada

The report highlights several strategic benefits identified by industry leaders for founding and operating their companies in Canada, including:

• Research Excellence: A strong academic and research foundation fostering innovation in IGT.
• Deep Talent Pool: Access to a skilled workforce in medicine, engineering, and technology, including world-leading specialists in AI.
• Global Access: Opportunities for international collaboration and a geography and policy landscape enabling preferred market expansion.
• Non-dilutive Capital: Availability of funding sources including those from government that do not require relinquishing equity.
• Capital Efficiency: An environment conducive to developing cost-effective businesses and technologies.
• Supportive Community: A collaborative network that promotes resource-sharing and knowledge exchange.

Overall, this report emphasizes that Canada possesses unique advantages to fortify a global stronghold in IGT innovation.

As the global medtech landscape continues to evolve, this report serves as a landmark resource for stakeholders seeking to understand the unique benefits of Canada's IGT sector. By capturing the authentic voices of Canadian industry leaders, INOVAIT showcases not only the potential of Canadian companies but also the collaborative spirit driving advancements and commercialization in healthcare technology. 

You can review the full report here: www.inovait.ca/reports 

About INOVAIT

Established in 2020, INOVAIT invests strategically in collaborative partnerships that build upon Canada's strength in digital innovation and health science research to create a critical mass of world-leading image-guided therapy (IGT) companies focused on artificial intelligence, machine learning, and big data analytics. Led by the Sunnybrook Research Institute and supported by the Government of Canada's Strategic Innovation Fund, the network brings together small, medium-sized, and large companies, research organizations, post-secondary institutions, and not-for-profit organizations to collaborate, connect, and work together. The network's mission is to build a truly integrated IGT-AI ecosystem by fuelling continuous innovation, commercialization, and collaboration that revolutionizes healthcare globally.

About Sunnybrook Research Institute

Sunnybrook Research Institute (SRI) is the research arm of Sunnybrook Health Sciences Centre, an internationally recognized academic health sciences centre fully affiliated with the University of Toronto. With well-established programs in basic and applied sciences which span across three scientific platforms and ten clinical programs, SRI is developing innovations in care for the more than 1.3 million patient visits the hospital sees annually. Recognized as a Centre of Excellence in focused ultrasound, SRI has one of the most comprehensive and successful focused ultrasound research programs in the world, with technical, scientific, and clinical experts accelerating progress in the field.

SOURCE INOVAIT

Clara MacKinnon-Cabral, [email protected]