If I may, I'll just echo Bernard's comments.
On Monday this week, we launched a document, a Canadian blueprint we called Beyond Moose and Mountains. We made the name on that one because we're tired of people not seeing Canada's innovation. We're tired of not being seen in terms of the technology and the footprint that we contribute out there. We're bigger than that, and it goes beyond that. As part of the board and part of the consultation we did last year with the industry, not only do we think as Canada we can be sold as more than that, we think Canada can be a leader in the bio-based economy. Biotechnology represents probably around 6.4% of GDP in Canada today, if you think of the industries that rely on it, use it, develop it, and whatnot. It's a little over 8.5% in the U.S., but we're better than some countries, and not as good as others.
We believe if we set ourselves a goal—a big, hairy, audacious goal, if you will—Canada can be the world's leading bio-based economy. We have the science, we have the research, we have the companies, we have the biomass. What we're missing is sort of the focus to actually want it, to achieve that, that whether it's core science and tech, as a nation we're going to be out there. As an industry, we believe we can do that.
So what does it take? It is the tax rate, it's the environment. We think it's three things. It doesn't matter what sector you pick on that one, it has to be globally competitive. It is that capital market—whether it's taxation to operate, it is the environment to generate new capital, the new investments. Are we the most competitive in the world in these areas? There are things we can change. It will take us time, but if we have a goal to get there, we win.
The second area is people. Do we have the best talent? We have some good talent out there, but we see people leave. Do they come in? How do we have the most competitive environment in the world to attract and retain talent, let alone build it? Are we changing our school programs to be innovative? We talk a good game, but do we really mean it and want to change it?
The third area is the operating environment. We have good regulatory structures that we've put in place for different reasons, but are they incented to spur on innovation, or are they more road blocks? There are changes we can make if we really want an innovative society. It's not just tax; it is tax, but it's also the operating environment and the people behind that one.
We need to align it all and to always be focused on that, asking the question, does this help innovation? If the answer is no, then why are we doing it?