Well-functioning ecosystem for the pharmaceutical industry
Finland is a land of interesting prospects and competitive advantages for the pharmaceutical industry, especially due to its skilled workforce and high-quality academic research. e.g. a long history of pioneering genetic research.
In addition, Finland has built a solid foundation on reliable healthcare system and registers, uniform treatment practices and high quality public healthcare for all citizens as well as a predictable operating environment for those considering an investment. It is through this strong foundation that growth can be achieved in the pharmaceutical sector.
According to a survey conducted by Pharma Industry Finland (2021), the pharmaceutical industry has attained significant growth in Finland during 2020 as investments in the sector increased by about 39% from the previous year and reached EUR 330 million.(1)
At the same time ETLA Economic Research has concluded in their study that the added value of the drug and health technology sector in Finland has risen an impressive 80 percent during the last ten years.(2) The ecosystem’s development has been led by the health technology’s medium-sized companies and large companies in the research-oriented pharma industry. Enterprises with foreign ownership have so far been in a central role in this development.
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VTT Technical Research Centre of Finland, Development paths of pharmaceutical industry towards 2030
VTT Technical Research Centre of Finland, VTT report: Pharmaceutical industry has the opportunity to grow significantly in Finland
Ministry of Social Affairs and Health, Improving health through the use of genomic data