Diagnostic medical imaging using techniques, such as MRI, CT, ultrasound and others, are required to diagnose most diseases, plan therapy and monitor patients’ response to therapy as clinical considerations alone are not sufficient. The annual global market for diagnostic medical imaging equipment and software is estimated to be $20.6B and is increasing at a rate of 4% per year. However, sales of imaging equipment from Canadian companies was only $185M in 2008, representing less than 1% of the global market and less than 2% of the US market.
Over the last three decades, Ontario academic centres have developed some of the world’s leading imaging research programs with substantial funding from federal and provincial agencies. Federal government investments from agencies such as the Canada Foundation for Innovation and the Government of Ontario through programs such as the Ontario Research Fund have been complemented by federal funding agencies such as the Canadian Institutes of Health Research, the private sector and the institutions themselves. This has resulted in Ontario being the home for the two largest imaging laboratories in Canada, based in Toronto and London, and among the largest and best equipped in the world. These significant investments in research have lead to many exciting new imaging innovations for detection and treatment of disease that have already been licensed or developed through spin-off companies including 18 new imaging-focused companies in Ontario and more are proposed. These activities have clearly shown that there is significant potential to increase translation of innovations and to establish a vibrant medical imaging cluster of companies in partnership with the research laboratories in Ontario, who can supply innovations and highly trained personnel. However, through this experience it has also become clear that significant barriers are facing these companies and academic centres in the path to successful commercialization of imaging-based products.
The Centre for Imaging Technology Commercialization and Research (CITCR) will address these barriers that are in the path to success of Ontario and Canadian medical imaging companies, and that are preventing commercialization of imaging technology emerging from Canadian academic institutions. The CITCR will play three key roles. First, the Centre will help newly formed and existing small and medium size medical imaging companies with the critically needed expertise, technical capabilities and infrastructure to allow them to become internationally competitive. Second, the Centre will promote training and investment in imaging technology through the cultivation of new strategic partnerships between the private sector and academic centres. And third, the Centre will play an active role in managing intellectual property to ensure that inventions are not lost and that the return on federal and provincial government investments in medical imaging innovations in Ontario and Canada are maximized. These activities will attract new investment, leading to new jobs and economic growth.
The CITCR will work with over 18 different organizations in Canada to remove the barriers and accelerate successful commercialization of medical imaging products as they move through the pipeline from demonstration of commercialization potential with prototypes through clinical trials, the regulatory process and finally to the development of successful products that can be used in the clinic. The CITCR will facilitate greater interaction between academic centres and the private sector by creating a network of opportunities for partnerships. These activities represent the greatest opportunity for the Canadian medical imaging sector to establish and sustain world leadership in innovation and technology development with tremendous potential for impact on the economy and healthcare system.
The end-result will be to secure for Ontario and Canada a world-leading position within a cluster of successful medical imaging companies leading to an increase in investment from the venture capital community in our newly formed companies, and partnerships with multi-national companies for validation and testing of new imaging technology. Ultimately these activities will improve the quality of healthcare in Canada and globally.
