Lithuania: Creating the Best Conditions for Life Science Sector Growth
VILNIUS, Lithuania, January 3, 2018 /PRNewswire/ --
The small Baltic nation of Lithuania is fast emerging as a hub for Life Sciences that is punching well above its weight. With a year on year increase of sector revenue by 25%, the country has the fastest growing Life Sciences sector in the EU. Biotech currently accounts for 1% of GDP, ranking it alongside Ireland and Singapore in terms of sector strength.
Companies like Thermo Fisher Scientific, Teva, and most recently Hollister, have established significant operations in the country, cementing its position as the leading regional destination for Life Sciences. To celebrate this burgeoning sector and share information on the opportunities the country has to offer, the Lithuanian Minister of the Economy, Virginijus Sinkevicius, alongside Arminas Ragauskas, EU inventor of the year for his work of neurological devices, will be hosting a spotlight event on Sunday 8th January as part of the 36th annual J.P. Morgan Healthcare Conference.
This invitation only event will include a keynote speech from Mr Arminas Ragauskas, widely renowned for his groundbreaking work on brain research and device measuring intracranial pressure - enabling fast and safe diagnosis of traumatic brain injury, strokes, glaucoma and brain tumours. There will also be a panel discussion led by the Minister of the Economy, Mr Virginijus Sinkevicius on why Lithuania is set to further expand on its position as regional leader for Life Sciences. Appearing on the panel will be the the VP of Tax and Treasurer of Thermo Fisher Scientific, Mr Anthony Smith, as well as Chairman of the Council at State Public Health Improvement Fund, ex-adviser to the President of Lithuania, Mr Sarunas Narbutas, Founder of Vapogenix and Board Member of Baltic American Freedom Foundation, Mrs. Danguole Altman.
Thermo Fisher Scientific's Lithuanian operation, which has 760 employees including 100 research scientists, is currently the Baltic region's largest private R&D centre, and a beacon for the qualities that make Lithuania a perfect fit for Life Sciences. In the words of Alan Malus, Executive VP at Thermo Fisher Scientific, "Thermo Fisher's investment in Lithuania is our symbol of confidence in the biotechnology talent within Lithuania and its potential impact worldwide."
The country's well educated talent lays at the heart of its Life Science growth. As 1st in CEE for university-industry collaboration in R&D, and the most extensive and supportive network for Life Science companies in Europe, the country is investing in creating the right conditions for nurturing the right talent. Its network of education institutions and three technical valleys are focused on delivering the kind of Life Science growth that will elevate the country's profile on the global stage. To date, the country has already invested almost 400 million EUR, and has committed to 679 million EUR in investment until 2020. Moreover, with financial incentives that enable R&D expenses to be fully deductible 3 times, the country is doing its utmost to facilitate sector growth.
The country is not limiting the scope of its horizons - the range of product areasSinke that Lithuania is able to offer a competitive edge is truly wide: from devices for aerosol therapy, anesthesia and resuscitation; infusion pumps applied in anesthesia, neonatology, oncology and surgery; noninvasive ultrasound technologies for diagnostics; 3D scanning devices for human body parts; through to custom-made orthopedic implants; dental instruments and supplies, and robotic patient positioning systems, amongst many more.
The government affiliated foreign direct investment agency, Invest Lithuania, meanwhile, is also a strong supporter of sector growth. The main priority on its agenda is to promote Lithuania and its ambition to attract several more big names in Life Sciences sector. It has not been saturated yet and several more players in the market would easily fit and find a perfect place for their business to thrive.
Lithuania is more than ready to take its Life Sciences sector to the next level and position itself as a go to destination for top companies looking to innovate and expand. Attendees of the reception can learn how they too can be a part of and benefit from the sector's growth.
Join us at Lithuania's Life Sciences reception on Monday, 8th January: http://bit.ly/2iEBEfa
SOURCE Invest LithuaniaBack to top