According to new report, produced Ministry of Employment and the Economy, Finland’s private pharmaceutical research sector could more than double in size by the year 2020.
For a long time, Finland has been a popular location for pharmaceutical research. However, in recent years the number of clinical research projects has fallen as companies have moved to low-cost countries in Eastern Europe and Asia. Nevertheless, according to the new report, Finland has good preconditions for competing for international pharmaceutical research projects, reports Invest in Finland.
Finnish patients view the research positively and Finland’s pharmaceutical know-how is widely respected. Also, the business potential of the health sector in Finland has not been recognized to the same degree as in the other Nordic countries.
Several biobanks in Finland that will collect tissue samples from hospitals and private clinics will be established in 2012. Tissue banks that would be open to the pharmaceutical companies could bring Finland a significant competitive advantage in the competition for international pharmaceutical research.
At the moment, Finland has about 150 companies in the pharmaceutical sector, with a total turnover of about EUR 2 billion in 2011.