Lithuania has been gradually becoming one of the high tech centres in the region – the country has defined a goal to become the most attractive European country for the development of the life sciences sector by 2030.
On 26 September, during Life Sciences Baltics, the largest international life sciences forum in the Baltic countries, Lithuanian Minister of Economy Virginijus Sinkevičius presented perspectives for the development of the Lithuanian life sciences industry.
The annual growth of the Lithuanian life sciences sector is approx. 19 per cent, which is one of the most rapid growth paces across the European Union. 90 per cent of Lithuanian biotechnological and pharmaceutical products as well as medical devices are exported to more than one hundred states, including the USA, the United Kingdom, the Netherlands, Germany, France, and Japan.
Lithuanian Minister of Economy, Virginijus Sinkevičius commented:
“Lithuania has a huge potential of life sciences, because we have a well-developed infrastructure – universities and research centres, a growing industry, many scientists; we have also attracted significant foreign investments, whereas the conditions for establishing business are favourable, thus the development of this sector is a natural strategic direction. Today the Lithuanian life sciences sector creates 1 per cent of gross domestic product, yet the future outlook is 5 per cent in ten years. The sector creates high added value and its productivity already now more than twice exceeds the overall national labour productivity.”
According to the estimates of analysts of Enterprise Lithuania, the Lithuanian life sciences sector employs almost 5 000 specialists. 43 per cent of all sector companies are the developers of medical devices, 28 per cent are biotechnology companies, 16 per cent are research and development companies, and 13 per cent are pharmacy companies.
Lithuania can make use of its unique competitive advantages of pharmaceutical and biotechnological business which are provided by research and study institutions conducting significant research, as well as highly qualified specialists, whereas the fields of biotechnology and medical devices haven’t yet used the startup potential. Lithuania is also unique for its synergic possibilities to relate the engineering industry with a long-standing tradition and biomedicine. This is evident from laser companies which develop laser technologies that are applied in the field of medicine.