A new survey by SwedenBIO shows that Swedish life science companies are even more confident about future growth compared to pre-COVID.
A similar report was published exactly one year ago and the two surveys demonstrate the remarkable strength and resilience of the sector, states SwedenBIO in its press release. “Despite the pandemic, the situation has further improved with many small companies actually in growth mode,” they state.
“The results also confirm our belief that involvement with other global life science hot spots opens more opportunities for collaboration and drives growth. We have, in fact had several fruitful interactions with similar organizations in regions internationally, including California. Furthermore, the fact that overall, the disturbances due to COVID have been limited and that numerous Swedish companies have re-focused their development towards COVID-related tests or treatments, underscores the strength of the industry as a whole and how creative and dedicated our life science industry experts are,” says Helena Strigård, Director General, SwedenBIO.
80% planning new hires and expansion
The survey targeted pharmaceutical development companies with operations in Sweden and as many as 80% of the companies reported that they will expand by recruiting more staff or consultants in the coming year.
“62% of companies have a more positive view of their projections now compared to before COVID hit and only 8% report the opposite.”
Compared to the situation a year ago, their confidence in projecting future growth has increased and 62% of companies have a more positive view of their projections now compared to before COVID hit and only 8% report the opposite. Furthermore, the increasing numbers of international experts being appointed to boards and collaborations being signed that the survey reveals are also indications of additional company growth.
There have been delays and issues for some e.g., when it comes to recruiting patients to clinical trials and raising capital, according to SwedenBIO. However, at the same time, some companies saw new opportunities and wanted to contribute to the development of better tests or treatments for COVID. Swedish vaccine companies are also involved in the production of COVID-19 vaccines.
Photo of Helena Strigård: Nicole Hanzon
Read more: COVID-19, Industry impact so far