Invest Lithuania
May 26, 2022
BioUtah has established a partnership with Invest Lithuania, an arm of the Lithuanian government focused on developing life sciences in their country. The life sciences sector in Lithuania is regarded as one of the most highly developed in Central and Eastern Europe (CEE). The sector is driven by innovation and aims to become Europe’s next major life sciences hub. Featuring top-tier scientists, a business-friendly environment, exceptional government support, plus financial incentives necessary for companies to ramp up quickly, Lithuania is worth considering for companies desiring greater presence in the CEE.
Some stats to consider: Lithuania is #1 in the CEE for university-business collaboration in R&D; #2 in the EU for the proportion of young adults with Bachelor’s degrees in science, math, computing, engineering, manufacturing and construction; 57% of Lithuania’s scientists and engineers are women; and the country ranks 40 out of 131 countries globally in the World Innovation Index.
In 2018, Lithuania signed the FDA Mutual Recognition Agreement, under which the FDA recognizes the Lithuanian State Medicine Control Agency as being capable of conducting inspections that meet US requirements. The Life Sciences sector in Lithuania is divided into two main subsectors, biotechnology and medical devices. Biotechnology has a particular emphasis on cell and gene therapy competencies as well as enzymes and pharma. The most promising subsector – cell and gene therapies – emerged over recent years with most businesses having strong ties to the Vilnius University Life Sciences Centre.
Competencies in medical diagnostics – particularly in imaging, 3D printing, sensors, IT and laser technologies – make Lithuania an exceptionally attractive location for MedTech projects. Lithuania’s laser industry occupies more than 50% of the global scientific market for ultra-short pulse lasers.
Companies considering foreign direct investment in Lithuania may qualify for state funding, which is negotiated on a case-by-case basis in compliance with EU and national legislation. The Lithuanian government fosters sustainable investment by covering companies expenditures on capital investment.
For more information about Invest Lithuania click HERE.