Healthcare Technologies: An Emerging Industry Sector

By Keith MacDonald, Executive Director, Cape Breton Partnership

Discussions regarding companies focused on healthcare technologies or new biomedical products have not been common topics of discussion around most Cape Breton family’s dinner tables. This might all change with the advancement of two Cape Breton companies that are accelerating the growth and recognition of Nova Scotia’s burgeoning health technologies sector.

On October 28th, two Cape Breton companies announced that they have secured funding that will see their respective companies grow from here in Cape Breton.

Mabou-based Halifax Biomedical Inc. secured a multi-million equity investment from Nova Scotia and Enterprise Cape Breton Corporation to continue reaching international markets, while New Waterford-based Health Outcomes Worldwide received $250,000 in financing from Innovacorp and $89,800 from Economic and Rural Development and Tourism's Productivity Investment Program.

Both companies are technology based companies and as with most technology based companies they require significant investment during the initial product development and marketing stages. Depending on the intricacies of the product, it can sometimes take years before the product is ready for market and creating revenue for the business.

With today’s ever tightening global investment climate, the equity required for entrepreneurs to start a business in any industrial sector is harder to come by. That is why the provincial and federal governments have developed programming to kick-start new business. The fact that two Cape Breton companies have been able work through the rigorous approval processes in order to tap into a number of programs that have annual budget allocations, should be looked on as a positive for Cape Breton.

Health Outcomes Worldwide has developed a web-based measurement system that tracks, monitors, and reports on care and costs for wound treatment. The system helps health care organizations deliver high quality care while managing costs. The company plans to use the new injections of investment to further develop its business reach and expand operations. This all takes place out of the company’s New Waterford world headquarters.

The Mabou based, Halifax Biomedical is a consulting company in the field of biomedical engineering. The company has developed a stereo x-ray imaging system known as the Halifax SR suite. It is an advanced medical imaging technique that uses two simultaneous x-rays to precisely monitor total joint replacements, primarily hip and knee replacements. Not only do they sell these large imaging machines, the company also produces and sells tiny pin sized implants that allow for ongoing monitoring of the joint replacements. And to top it all off, the company stores all of the data and images created though their imaging system. To sum it all up, the company allows surgeons to monitor changes in artificial joint replacements in order to detect any implant failures early on so that interventions to improve the lives of patients can be made quickly.

Both Health Outcomes Worldwide and Halifax Biomedical demonstrate that advanced health technology business can thrive in Cape Breton. Cape Breton has a significant health care infrastructure and the resources at both Cape Breton University and the Nova Scotia Community College that can be leveraged to further cultivate opportunities in this growing sector.

As efforts are made to advance the region’s economy forward, it will be important to foster the business and entrepreneurial climate required to attract companies such as Halifax Biomedical and have additional home grown Health Outcomes Worldwide. The more Biomedical This and Health Outcome That to talk about over Tuesday night meatloaf, the better for Cape Breton.