A B.C.-based company could end up revolutionizing diabetes treatment and that is a reason why B.C. put up almost $24 million to keep it in B.C. rather than lose it to Denmark.
"So it's a very attractive company, if they are successful, and we think they will . It has the opportunity to completely revolutionize how people living with diabetes manage their diabetes and many other diseases as well." Looming behind B.C.'s move is the larger question of whether it is appropriate to use public funds to support a private company rather than let market forces play out.
Noting that B.C.'s economy is similar to that of Ireland, Bailey added that that country has used its tax system to build one of the largest life-sciences and pharmaceutical sectors in the world.Other examples abound. They include the European Union's Green New Deal and the Inflation Reduction Act in the United States — policies backed by hundreds of billions to achieve certain economic outcomes.
She also said that both the provincial and federal government go through a great deal of due diligence to protect the investment of taxpayers.
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