COVID-19 vaccine maker Providence says it’s leaving Canada after calls for more federal support go unanswered
Brad Sorenson, the CEO of Calgary-based Providence Therapeutics, told CBC News he’s had enough of the “runaround” from federal and provincial governments and he’s working with the company’s board of directors to move its operations overseas to focus on developing a vaccine for people in the southern hemisphere.
“I’m moving on, that’s where I’m at now. I’ve prostrated myself at the altar of government in Canada for a year and I’ve received nothing for it. I’m tired of begging and pleading,” Sorenson said.
“I can’t tell you how much this pains me. The reality is, I can do more good for the world outside of Canada than I can in.”
Sorenson said the company will be “redomiciled” but he hasn’t settled on a country yet.
Because you’re not WEPharmaceuticals with a head office in Montreal and a brown bag in hand.
Canada is the place where foreign investment goes to die.
Correction: Canada is the place where investment goes to die.
Calgary-based should have been the first clue.
We should rename Canada to Can’tada.
We are a silly nation.
Should have renamed themselves “Les Therapies Providence” and gotten a PO Box in Montreal. The feds would have dropped half a billion on them without a second look.
“Fwench nwame pwwease, Momtwheal widing , pwease, Jwerry.
Huh? Yo said, Bernardth Savoie fwrom Pwoopineauville?” Awe rhite, how muhth dith he asthk fwrom usth? Hokay. Appwove ith now, Jer”
Except they did received taxpayer funds, both federal and provincial. They just want more, without yet having the clinical results to justify it.
As for being shut out due their western roots — aside from the fact that they weren’t actually shut out—pharmaceutical companies in SK and Edmonton also received federal funds.
And now they’re crying to the CBC about it. And SDA is in turn linking to the CBC, which in any other thread it maintains is a propaganda arm of the government, to bash the government over vaccine technology that half of the SDA crowd doesn’t believe in anyway.
Eeerrr. … crying? I thought he was packing up and moving to a place where his business IS viable, no?
Sounds like you are crying about him leaving.
Business needs to make the bottom line (net earnings) viable. If the jusrisdiction is making it difficult, change jurisdictions.
The money from Ottawa would have gushed in if he moved his offices and facilities to Quebec from Alberta.
Can’t get government money have to leave, goodbye. Too bad companies aren’t capable of producing valid useful products that just might be good for people and saleable, with out being at the government trough that is filled by taxpayers, you know, the people who just might be customers.
You got $100 million to front a vaccine development plan? No? No investor group is backing this unless there are deals in place to sell it. And this isn’t a big company sitting on a pile of cash for research and development. This stuff needs government backing to work. Trump knew it and got it done. Same with the UK.
Nothing got done except waiving the tests and proper protocols for vaccine development. and giving indemnity to drug companies no matter who they injure or kill.
Gee vowd, what a novel idea, for profit companies that can survive on their merits and not government funding, how come it’s never been done before?
Of course, if your business model is built on the idea of using government funding to make a profit…….Well, that has been a good model for a lot of those parasites! I guess that company didn’t know the right people, or didn’t grease the right palms.
Of course, if he moves overseas to a different jurisdiction (my guess is Eastern Europe or Singapore) and becomes highly profitable, what will you say then?
Is the messaging you want going abroad, basically this?
“Canada – the TOUGHEST place on earth to be profitable. Only the very best can succeed here, and even then, it isn’t really ‘succeeding’ since the country’s basically a clusterf++k, and taxes are so high, you will hardly make anything. But come on over. Stop being such a p—y only focusing on profitability!”
I may not know much about business, but something tells me you’d be looking to send the OPPOSITE message, no?
Since the government would be the only customer, the government should be fronting the bill.
Different scenario producing a product for mass consumer consumption.
What can be said now that hasn’t already been said here?
This is the Liberal Party legacy. Remind early and remind often.
“I can do more good for the world outside of Canada than I can in.”
Canada’s back.
… back to being a moocher in a world that has grown weary of Canada’s moral and physical laziness.
Trudope hanging India out to dry and stealing their vaccines. Of course, though thousands are dying he will put on some native clothes and perform some dancing for them. Should be a trade-off…..ignore those dying people.
The deal included a clause that allowed AstraZeneca to approve exports to countries not listed in the agreement. Some countries which asked for emergency vaccine shipments from Serum, including South Africa and Brazil, were justified: they had nothing else. Rich countries like the UK and Canada, however, which had bought up more doses than required to vaccinate their people, to the detriment of everyone else, had no moral right to dip into a pool of vaccines designated for poor countries.
Paradoxically, when South Africa and India asked the World Trade Organization to temporarily waive patents and other pharmaceutical monopolies so that vaccines could be manufactured more widely to prevent shortfalls in supply, among the first countries to object were the UK, Canada and Brazil. They were the very governments that would later be asking India to solve their own shortfalls in supply.
The code word was “Calgary” – analogous to “F*ck Off western deplorable!”
Just because they didn’t partner with Bayliss Medical isn’t a reason to not give them at least a little funding….
The guy obviously does not know how this works.
You give the political low life scum cold hard cash, in return they will give you money, in return again some of that is reserved for the same political scum.
Politics in this country is so severely corrupt that you probably can’t do strictly business if it’s not profitable for the political scum.
The plebeians don’t know, don’t want to know, don’t care, don’t actually give a damn, they just want ‘free’ stuff.
The same corrupt low life politicians will be reelected to screw the plebeians more in return for some ‘free’ stuff, soma and some alms.
As long as we have an ever-growing government the jobs will be endless, no need for private enterprise. And as long as the bank of Canada keeps printing money the wages, graft and welfare will flow like the mighty St. Lawrence. Sweet, sweet utopia!
Ok, so profitable Cdn public companies are told to become international by CPP for investment purposes.
CPP is now 18% Cdn, 82% international. Schmart yes?
Part of that 18% is encouraging offshoring your service efforts because Cdn labour cost it too much.
?
Today I went to Home Depot, Walmart and a gov’t liquor store, all without a mask. No one said anything, no one paid any attention to me whatsoever.
As it should be.
If you’re afraid of the Karens, there’s really not that many out there. When people start seeing multiples of others who are free, they’ll begin to build the desire and courage to be so, themselves.
I’m with Very Old White Guy and some others. If you think the best way to move forward is to beg for federal funding, please, don’t let the door hit you on the way out.