Lithuania‘s Life Sciences sector grew by 25% in the year 2015, according to figures from Enterprise Lithuania, a business development agency. This means production volume in the industry has now surpassed €740 million. Alongside local producers such as Biotechpharma, which specializes in bio-pharmaceuticals, a considerable amount of the R&D and production activities in the sector were by international companies. One such company is Thermo Fisher Scientific, which employs more than 545 specialists in its Competence Centre for Molecular Biology, located in the Lithuanian capital, Vilnius.
High levels of math and science education
One driving force behind this rapid expansion is the high level of education Lithuanian specialists possess. In the current IMD World Competitiveness Report (an international reference work for evaluating business locations), Lithuania ranks 20th globally for the quality of training in maths and science, placing it above the likes of the USA (ranked 44th). This high quality level is coupled with very competitive personnel costs, which are only a quarter of the EU-average.
“We are thrilled that more and more international companies specializing in biotechnology and pharmaceuticals are coming to Lithuania”, says Mantas Katinas, General Manager of the investment promotion agency Invest Lithuania.
A European hub for Life Sciences by 2020
Lithuania‘s ambitious target is to become a key European hub for Life Sciences by 2020. In order to reach this goal, the Lithuanian Ministry of Economy, together with business associations and high-profile figures in science and politics, has developed a national Life Sciences plan. This plan sets out a range of actions, including measures to support innovation and make business activities easier within the field of Life Sciences.
