Windsor, Hants Co. based BioMedica Diagnostics Inc. is reaching new markets with its life saving products.
The company uses innovative technology to link medical needs of developed countries with those of less advantaged populations. Its flagship product, QuikCoag, is exported to over 30 countries around the world for monitoring the growing prevalence of heart disease.
Through successful marketing, demand for its products has increased and the company is undertaking a $500,000 expansion project to increase production capacity.
The province, through Nova Scotia Business Inc. (NSBI), is supporting the investment with a five-year payroll rebate to a maximum of $250,000. The rebate allows BioMedica to retain 15 current employees and create up to 25 new full-time, lab technician positions.
"The province is proud to be investing in quality jobs for Nova Scotians and growing the economy through world-leading research and development led by a home-grown, rural company," said Percy Paris, Minister of Economic and Rural Development. "Investments like these help create valuable opportunities for our skilled workers and talented graduates to live, learn and work here in Nova Scotia."
Award winning Doctor Abdullah Kirumira founded BioMedica Diagnostics Inc. in 1999 as a research and development company. In 2007, he was awarded a Bioscience Innovation Award from The Economist magazine for his 1993 invention of a rapid HIV test that is sold internationally, and the Technology Pioneer award from the World Economic Forum in early 2009.
"The revenue base from our existing markets is being applied to leverage the introduction of affordable medical solutions in emerging economies," said Dr. Kirumira. "As we move forward to growing our business, NSBI's payroll rebate will allow us to continue focusing on research and development while we take the company to the next level."
What distinguishes BioMedica from a larger medical services company is the latest diagnostic technologies, which are provided at a cost appropriate to smaller health care budgets.
"BioMedica has taken its technology from the lab to new markets around the world," said Stephen Lund, president and CEO of NSBI Nova Scotia Business Inc. "We want more companies to follow in BioMedica's footsteps and explore their own business opportunities globally."
As a biochemistry professor at Acadia University, Dr. Kirumira found a need for diagnostic tools in places that do not have easy access to medical facilities. A native Ugandan, Dr. Kirumira realized that the unavailability of crucial medical equipment was causing unnecessary suffering. More than 15 different portable diagnostic systems have been developed to date for clinical use.
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI works with international and domestic companies to help them grow through advisory services, trade development, financing and venture capital.