Diagnostic products manufacturer already serves more than 1,000 clinical laboratories throughout North America and plans to further expand distribution
Founded in 1983, Halifax-based Precision BioLogic has become a North American leader in developing and manufacturing innovative products for the clinical assessment of blood coagulation disorders. Patients around the world waiting for surgical procedures, as well as those with a high risk of heart attack or stroke, benefit from Precision BioLogic’s diagnostic products because they detect blood-clotting abnormalities.
Already serving more than 1,000 clinical laboratories throughout North America through a highly efficient overnight delivery system, the company is now developing global distribution capabilities. It has established a foothold in Europe, and will soon expand elsewhere.
The company is best known for its cryocheck™ line of specialized high quality frozen plasmas, reagents and test kits.
“We want to simplify our customer’s lives,” said Chairman and CEO Michael Scott. “We’re dedicated to finding solutions for lab managers and technologists aimed to give better results, more reliably, and faster.”
Precision BioLogic has a unique organizational structure that fosters ongoing innovation and active participation throughout the company. In 2008, it became the first company in Atlantic Canada to be recognized as one of the best places in Canada to work by the Great Place to Work Institute, a global research and management consultancy. And in 2010, it made the list again, claiming a spot in the top 10 nationwide.
Precision BioLogic is part of a life sciences cluster in Halifax, Nova Scotia, that includes more than 50 companies and benefits from $110 million a year in research investment. The sector generates more than $250 million in annual revenue, selling more than 500 products worldwide, with another 300 products in development.
The city’s vibrant neuroscience and biomedical imaging sector has attracted some of the world’s leading life sciences researchers to Halifax, including Dr. Donald Weaver, a world-renowned Alzheimer’s researcher, neurologist and entrepreneur who holds a Canada Research Chair in Clinical Neuroscience at Dalhousie University and is a key collaborator with NRC’s Institute for Biodiagnotics.
Halifax is home to six universities (Mount Saint Vincent, NSCAD, Saint Mary’s, King’s College, Atlantic School of Theology and Dalhousie), with Dalhousie ranked as the number one university in Canada at which to perform scientific research by The Scientist magazine. The Brain Repair Centre — internationally known for its successful treatment of symptoms of Parkinson’s Disease — is located in Halifax, as is The QEII Health Sciences Centre, that has the highest number of certified clinical research coordinators among hospitals in North America.
The province of Nova Scotia offers access to a well-trained workforce that is one of the most highly educated in North America, and makes more than $300 million in research funding available to eligible companies through The Atlantic Innovation Fund.
Canada’s medical device industry generates more than $7 billion annually and has established global leadership in medical imaging, diagnostics, health information technology and cardiovascular devices.
The bedrock of this growing sector is leading edge innovations in Canada’s biotechnology, advanced materials, microelectronics, telecommunications, software and informatics.
Among the G7 countries, Canada offers the lowest cost for establishing and operating a medical device manufacturing facility. The country’s homegrown success in exporting world-leading digital radiography systems, magnetic resonance imaging equipment, rapid diagnostic tests, e-health technology and other high tech health solutions have reinforced Canada’s reputation as a global leader in medical devices.
Future growth plans
Precision BioLogic is expanding its Halifax-area operations and plans to double in size over the next five years. The province, through Nova Scotia Business, Inc., is supporting the company’s growth plans with a five-year payroll rebate for up to a maximum of $445,000.
Nova Scotia’s Minister of Economic and Rural Development said, “Precision BioLogic is a homegrown company that is reaching markets around the globe and creating high-quality career opportunities for Nova Scotians.”
“The company is building on Nova Scotia’s strengths — innovative business, skilled and talented people, and competitive success in exporting its products around the world,” said Stephen Lund, President and CEO of Nova Scotia Business Inc.
+ 1 (902) 468-6421
Greater Halifax Partnership
+1 (902) 490-6000