Neopharm Labs pursues its growth strategy

Government of Canada awards $750,000 in financial assistance to Blainville business

BLAINVILLE, QC, Nov. 17, 2017 /CNW/ - Canada Economic Development for Quebec Regions (CED) - A major project aimed at increasing the analytical capacity of Neopharm Labs in Blainville can proceed thanks to financial support from CED. The Government of Canada has adopted an ambitious approach to supporting innovative Canadian businesses that come up with new or improved ways of generating value. Today's announcement is in line with the intent to provide businesses with adequate resources to create and commercialize innovative services. The funding awarded today will help Neopharm Labs acquire leading-edge equipment and result in the creation of more than 25 new jobs in the area.

The announcement was made by Ramez Ayoub, Member of Parliament for Thérèse-De Blainville, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED.

Neopharm Labs Inc., an analytical testing laboratory that specializes in the analysis of pharmaceuticals and nutraceuticals, is one of Canada's biggest independent laboratories operating in the pharmaceutical industry. CED's $750,000 contribution will go towards the acquisition of a laboratory information management system (LIMS) that will increase the number of analyses conducted by the business, while offering commercial clients the option to monitor the analyses remotely. With this project, the business is well on its way to meeting its growth objectives and increasing its presence on the North American market.

In addition to the funding announced today, it should be noted that CED awarded an initial repayable contribution of $1,070,151 to Neopharm Labs in 2013. The funding supported the first phase of the company's major three-year investment plan, and was used to acquire new analytical equipment. The investment in new technologies helped increase the speed and reliability of the analyses, while complying with upcoming international regulatory standards.

The repayable contributions were granted through CED's Quebec Economic Development Program (QEDP), within the broader framework of the Government of Canada's Innovation and Skills Plan.

Quotes

"Neopharm Labs is using cutting-edge technology and innovative equipment to expand its service line and grow the business. By combining know-how and technology, this SME is committed to becoming a leader in the pharmaceutical market in a changing economy. I am proud to support the growth of Neopharm Labs, whose success has an impact on the entire region."

Ramez Ayoub, Member of Parliament for Thérèse-De Blainville

"In adopting the Skills and Innovation Plan, the Government of Canada committed to supporting the initiatives of Canadian innovators wishing to increase business productivity and long-term competitiveness. This is a firm commitment to sustainable job creation and community prosperity."

The Honourable Navdeep Bains, Minister responsible for CED

"Equipping our highly skilled team with the best technologies has been central to Neopharm Labs' success in competing with large multinationals. CED's support of our strategic investments enables us to improve our productivity as we pursue our North American growth strategy."

Charles Grubsztajn, Chief Operating Officer, Neopharm Labs

Quick facts

• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
• For more information on CED's key directions until 2021, consult Strategic Plan 2021 or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions