There is much discussion these days that we are in a globalized and knowledge-based economy. However, it is not clear that Canada is making the necessary adjustments to adapt to contemporary realities that demand not only knowledge generation but also efficient knowledge and technological exchange at a global level. This article focuses on the closely related, and knowledge intensive, industries of health biotechnology and pharmaceuticals in key Asian markets. China, India and a handful of other countries in the region have made significant progress in life science innovation in recent decades, yet remain in need for much of what Canada possesses - knowledge, know-how, leading-edge technology and experience in delivering world-class healthcare. This article discusses public policies and business strategies that can help Canada leverage these strengths and ensure that we are part of the growth and innovation story in Asia.