Lithuania declares an ambitious goal - to become European hub of life sciences by 2020
Under the initiative of the Ministry of Economy on May 3rd representatives of Lithuanian business associations, science and state institutions signed a joint resolution on life sciences. According to the document, Lithuania declares and ambitious goal to become the center and European hub of life sciences by 2020. In order to reach the goal efforts of business, science and state will be concentrated and focused on attracting more talent, foreign investment and encouraging innovation, R&D and ease of doing business.
However, statistics prove that Lithuania is already on the right track. Lithuania’s life science sector is the fastest growing in EU with annual growth of ~25 %. The percentage of the contribution by the life sciences to the GDP accounts for around 1% and is equivalent to the world leading countries in this sector and 10 times exceeds the average of EU. 80 % of all Lithuanian pharmaceutical and medical production is exported, mainly to Germany, Japan, UK, U.S., France, and Sweden. More than 90 international pharma and medical devices companies have conducted 1200 clinical trials in Lithuania since 2007.
Resolution states that the number of companies operating in the field of life sciences will reach 5000 in 5 years. However bold steps will be made already by the end of 2016. For example the informal network of biomentors will start at the end of summer 2016. Hence mentors from large life science companies will share their experience with startups on knowledge transfer between science and business or negotiating with potential investors.
Life sciences trend-setters will gather in Lithuania in September 2016. International forum Life Sciences Baltics 2016 will take place in Vilnius for the third time. This event is the only international forum held in the Baltic and Nordic region that attracts representatives of biotechnology, pharmaceuticals and medical equipment from across the globe.
In the international exhibition Expo 2020 Lithuania presents itself this year through the prism of sustainability and, based on Lithuania’s strategy of positioning abroad “Co-Create”, invites the countries of the world together to build a sustainable future. The Lithuanian and United Arab Emirates business forum, which is attended by almost 50 leading Lithuanian companies and business representatives, became the focus of the Lithuanian national day exhibition. During the visit, business meetings will be held to discuss bilateral trade and investment opportunities.
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