B.C. Patent Box for the Life Sciences Sector
On this page:
Overview
Dates: May 12 to June 24
Who: The Ministry of Finance
What: A patent box for the life sciences sector
Where: Province-wide
Why: To explore the suitability of adopting a patent box for the life sciences sector in B.C.
How: Written submissions, online survey
Engagement summary
Patent boxes are a way governments can encourage innovation by providing a tax incentive for income earned from intellectual property. For example, a business that researches and develops scientific advancements in medicine might want their facility to be in B.C. if there is a tax incentive (patent box) for their work.
The Province engaged with interested and affected parties to explore whether adopting a patent box could support the growth of B.C.’s life sciences sector, and whether the tax system can help encourage the commercialization of intellectual property in the province.
“Life sciences” refers to fields that involve the scientific study of living organisms. British Columbia’s life sciences sector includes contract research firms, testing and medical labs, and companies that develop, produce or sell medical devices, diagnostics, pharmaceuticals, and other medicinal substances or compounds.
The Province sought feedback about designing and administering a patent box that is competitive and effective for the life sciences sector.
How your contribution makes a difference
Your contributions will help inform us about the suitability of a B.C. patent box for the life sciences sector.
Related engagements
