BIOQuébec CEO Benoît Larose brought 12 companies to the BioNJ Biopartnering Conference Tuesday at the Liberty Science Center in Jersey City.
The companies were eager to talk about financing from investors and partnerships with other founders. And they were eager to talk about the potential of setting up a shop in New Jersey, too.
President Donald Trump? That was a harder topic of conversation, Larose said.
Canadiens, Larose said, don’t find talk about trade wars — or becoming the 51st state —very entertaining.
“We’re beyond chuckling,” the affable Larose said. “Generally speaking, I don’t think Canadians find anything funny about being acquired. That may have united Canadians in a way which never happened before.”
The issues, however, haven’t caused a rift in the North American life science ecosystem.
Larose’s group (think of it as the Quebec version of BioNJ), represents more than 270 organizations active in Quebec’s life sciences and health technologies industry.
The members are involved at every stage of the health care innovation chain, including drug, vaccine and diagnostic tool discovery, development, manufacturing and marketing.
And they still like New Jersey.
BioQuebec signed an M.O.U. with the state during Gov. Phil Murphy’s economic mission trip to Canada last fall. Its members were looking for more partnerships and collaborations Tuesday.
Trump’s talk hasn’t stopped that.
“It’s pretty much business as usual,” Larose said. “Our companies are looking for funding. They’re looking for partners to develop new technologies. They’re looking for clients. Some of them want to invest in the US, because they are more later stage and they want to commercialize. And, of course, it will be easier if they have a facility here.
“It’s a global business — so we need to look at bilateral relationships all the time.”
That search takes those companies to Massachusetts and Maryland, too, Larose said. And to red states as well.
And keep in mind, tariffs aren’t a big issue for biotech in Quebec.
“Unless you’re looking to bring a finished product here, it doesn’t apply as much,” Larose said.
And then there’s this: Some potential policies could help Canada.
“The FDA uncertainties are problematic, but that can bring opportunities for us,” he said. “Who knows: Maybe it’ll be easier to run vaccine research in Canada than it will in U.S.?”
The mercurial nature of Trump doesn’t make it easier, Larose said.
Tariffs — or potential tariffs — seemingly go up and down on a weekly basis.
The only certainty: It will never go back to the way it was, Larose said.
“It’s too early to tell, but I think some companies are definitely thinking about not relying on cross-border business as much,” he said. “Relying on free trade forever was a mistake. We see now that it can change at the stroke of a pen.”
All of these scenarios lead to this.
“The context right now in the U.S. is tense,” Larose said. “What’s happening with the funding of research in the U.S., the NIH cuts and all that, is certainly not good for anybody in any country.
“Unfortunately, the mindset that is created by what’s happening right now does not help business. We just need to keep our head and stick to business. That’s why we’re here.”
