Yes, I think we're consecutive.
I'm Bill Barrable, the CEO of the Rick Hansen Institute. Thank you very much for the opportunity to speak to you today.
The Rick Hansen Institute operates independently of the Rick Hansen Foundation. Brad will be speaking to their plans subsequent to mine.
Both organizations were founded by Rick Hansen, but they have distinctly different mandates. We are very supportive of the foundation's complementary mission.
The Rick Hansen Institute is a transformational network for scientific research and implementation of improved health care treatments unique in the world. Our focus is spinal cord injury, but our innovative model can be applied to a wide range of other health conditions.
There are 86,000 Canadians who live with spinal cord injuries. The annual economic burden exceeds $2.7 billion in health care costs and lost productivity. This will only increase with the aging of the population.
Permanent paralysis is the most visible outcome of spinal cord injury, but individuals with SCI, spinal cord injury, also experience a wide range of potentially life-threatening health complications for the remainder of their lives. Every year, one in four Canadians with SCI is hospitalized for an average of 23 days due to health complications that were often preventable.
The average cost of a single readmission to hospital exceeds $20,000. For example, one of these complications is a pressure ulcer, or non-healing wound, which is the number one most costly preventable medical error in the health care system. Ongoing health complications make it extremely difficult for individuals to maintain employment.
It is now well recognized in all fields of medical research that only 14% of health-related scientific discoveries are ever implemented into health care practice. Even this very modest accomplishment, for those 14%, takes an average of 17 years. This inability to efficiently and effectively implement health care innovation negatively impacts health outcomes and drastically limits the economic benefits from the life sciences sector.
What makes the Rick Hansen Institute unique is that we have created a model to bridge that 17-year gap between health care innovation and implementation. We are accelerating the development and implementation of scientific discoveries, innovations, and best health care practices, resulting in measurably improved health outcomes, reduced health costs, more innovations brought to market, and economic growth in our life sciences sector.
Due to the success of our model, we have been approached by start-up companies in the life sciences sector across Canada—and, I should add, from outside Canada as well—to assist them with proof of concept and commercialization of Canadian technologies. Our institute has invested in research in clinical trials that have led to commercialization of successful health care products nationally.
Our network includes 31 acute and rehabilitation hospitals throughout Canada, as well as hospitals in China, Australia, New Zealand, the United States, and Israel. In August, New Zealand adopted our research infrastructure as its national platform. In addition, we have been working to implement spinal cord injury acute and rehab standards with our partners at Peking University Third Hospital in Beijing. This is the pre-eminent trauma hospital in China. We have research collaborations in more than 25 countries worldwide.
The institute has had the generous support of the Government of Canada since its inception in 2009. We are currently requesting renewal funding of $48.5 million over five years to focus on the goals that are critical to our mission.
These include continuing to expand our national and international network of researchers, health care professionals, individuals with spinal cord injury, innovators, investors, and policy-makers; supporting the development of promising therapies for repair of the spinal cord and prevention of treatment of secondary health complications, resulting in better outcomes and hundreds of millions of dollars in savings to the Canadian health care system; working in partnership with Accreditation Canada to standardize care in hospitals across the country to ensure Canadians with spinal cord injuries receive the best care possible, no matter where in the country they live; and supporting the commercialization of innovations that directly benefit people with SCI and contribute to economic growth in Canada.
The Rick Hansen Institute is committed to demonstrating value and return on that investment. The institute applies significant leverage to the funds entrusted to us by the Government of Canada, securing diversified revenues to ensure long-term sustainability and impact.
Thank you very much for your interest in the Rick Hansen Institute. I would be happy to address any questions.