Thank you, Madam Chair.
I am joined by the Stem Cell Network's scientific director, Dr. Michael Rudnicki, who is globally known for his work in muscle stem cells and regeneration.
When people are asked to describe what technologies are needed to achieve a moonshot, they tend to reply with artificial intelligence, quantum computing and big data. It's not often that they'll consider the sophisticated technology that resides within the human body. I'm speaking directly about stem cells, the building blocks of each of us.
Stem cells were first definitely discovered by two Canadians, James Till and Ernest McCulloch. Stem cell research is Canada's science, and we have been leading the way delivering game-changing discoveries and therapies that come from this human technology for the past 60 years. Stem cells can divide indefinitely and can make any cell in the body. They are one of nature's ultimate innovations.
It is the human body that presents us with the opportunity to achieve the greatest moonshot of all, the eradication of disease, of illness and of injury. This idea may sound implausible to many, but moonshots, by definition, are meant to be ambitious, audacious and grand.
Stem cells are driving the field of regenerative medicine. To quote from the Council of Canadian Academies , “The appeal of regenerative medicine lies in its curative approach”. It's about repairing, regenerating and restoring function to cells, tissues and organs. It's already delivering advances for heart disease, Parkinson's, muscular dystrophy, type 1 diabetes and even COVID-19.
Let me share a little story with you. Tyler Rabey was an ambitious, athletic young man from Quebec. He had not yet celebrated his 25th birthday when he was first diagnosed with an aggressive form of leukemia, a cancer that defied all standard treatments. Within a year, he was confined to a hospital bed facing a terminal diagnosis . His doctors worked to have him enrolled in a stem cell clinical trial funded by the Stem Cell Network and run by Dr. Sandra Cohen .
Tyler received a stem cell transplant. To generate enough stem cells, they were expanded using a novel technology and a proprietary molecule called UM171, and they were optimized using a bioculture system. The treatment worked and, following months of careful recuperation, Tyler was able to return home, where he met his godson, kissed his girlfriend and returned to his studies.
This innovative therapy is now being further tested across North America via a Canadian biotech called ExCellThera .
Regenerative medicine technology will also have critically important economic benefits as we move forward. Prior to the pandemic, the burden of chronic disease cost Canada $190 billion annually, with the direct cost accounting for 58% of annual health care spending. The costs have undoubtedly escalated. It's a trajectory that must be addressed.
The good news is that investment is strong. Private investors are pouring billions into Canadian life science companies. In fact, in 2019 and 2020, the sector raised $2 billion in venture capital and $5 billion in public equity.
As we all know, investment and commercial success is predicated on world-class science. That's where networks like ours come in. Canada's Stem Cell Network is composed of leading researchers and trainees who are laser-focused on stem cell and regenerative medicine research. We partner with charities, industry and governments to ensure that the science we support is driving next-generation therapies.
Stem cell research takes time. The research started today will result in the personalized medicines of tomorrow. We can envision a future where specific medicines for you will be made in the hospital where you're being cared for. Additionally, right now specialized bioinks are being innovated and will be used for bioprinting of tissues that can be used to patch wounds and restore organ function.
In time, we'll realize a future where treatments fit the patient, rather than the patient having to fit the treatment—