New analysis: the life sciences industry in Denmark creates great value
A new analysis from the Danish Ministry of Industry, Business and Financial Affairs illustrates that the Danish life sciences industry, comprising almost 1,500 life sciences companies and approximately 47,300 employees, contribute considerably to both R&D, economic progress and employment in Denmark.
In fact, according to the analysis the value increment in the life science industry has grown by 88 per cent in 8 years. By comparison, the value increment in the industry in Denmark has increased by 17 per cent during the same period. Furthermore, the analysis shows that the productivity level is twice as high in the life science industry compared to the overall economy.
The life science industry is a growth engine which creates great value for the Danish economy - and we must ensure that this will continue in the future. That is why it is important for me to create the best possible framework conditions for the life science industry in Denmark.
An industry driven by research and development
The analysis shows that life sciences companies account for more than a third of all private research and development projects in Denmark. In 2016, this corresponded to a value of more than 15.5 billion DKK. Moreover, life sciences investments have grown by 60 per cent since 2008.
The development in the life sciences industry has not only been driven by intense investments in research and development coming from the life science companies, but also by the Danish government’s investments in education and research. In Denmark, it is our common ambition to educate highly talented people who deliver results of very high quality.
Turn clinical trials into business in Denmark
Subsidiaries of most of the major international life sciences companies are already present in Denmark, employing over one fourth of all employees in the Danish life sciences industry.
The foreign subsidiaries in Denmark are typically involved in a wide range of different research and collaboration activities with Danish universities and the public health sector. For example, most of the major international pharmaceutical and biotech companies that are present in Denmark conduct clinical trials. Reasons include a strong political commitment to this area of research, which manifest itself in among other initiatives the establishment of Trial Nation, a ‘one-point-entry’ for the industry when looking to conduct clinical trials in Denmark. Furthermore, Denmark offers a strong tradition for public-private partnerships, excellent research standards and the best clinical trial subjects.
The global healthcare company MSD, a subsidiary of American Merck & Co., is one of the major investors in clinical research in Denmark.
Denmark has a strong position when competing with other countries in terms of attracting foreign investments in Life Science. This is not least the case in areas of clinical research and collecting real world evidence. The high quality data combined with the excellent collaboration between public and private stakeholders are the most important reasons for our long-term commitment to investing in clinical research in Denmark.