The Prince Edward Island BioAlliance was incorporated in 2005 and launched a five-year strategy to accelerate the growth of PEI's bioscience sector by building the economy & setting the pace for the next generation.

Since that time, the BioAlliance has coordinated the work of leaders in bioscience business, research and government organizations in PEI, providing strategy, focus, and alignment among the partners. This collaboration has been the driver of bioscience growth to date, and has given the PEI Cluster a reputation nationally and internationally.

In 2008, the Province of Prince Edward Island released the Island Prosperity Strategy, a $200 million, five-year investment strategy focused on investments in three key areas: PEOPLE, INNOVATION and economic INFRASTRUCTURE. One of the goals was to boost annual bioscience sales to $300 million, increase full-time equivalent employment to 2000 positions, and ensure the province is recognized as a national centre of excellence for bioactive-based health and nutrition product development.