I'm going into biochem coop for next year. They take 20 people from the biochem program. They base the coop acceptance on your marks and an interview. So your chances really depend on how many people applied and how their marks and interview skills compare to yours.
I'm in the Biotechnology specialization. There isn't too much of a difference between the biomed and biotech specializations. In the 2nd year, you would take the same courses either way. There are some differences in upper years. Like you have to take an extra lab course in the biotech specialization.
You can check out the details here:
Best of luck