Four thousand jobs in life sciences

Ritstjórn
Jobs in life sciences

Iceland's life sciences industry is taking clear shape, and as new technology develops within the field, new opportunities are emerging. Dr. Sandra Mjöll Jónsdóttir-Buch says companies in this sector generate significant annual revenue and create more than 4,000 specialized jobs.

The Life Sciences Hub in Vatnsmýri

Sandra Mjöll discusses the Life Sciences Hub in Vatnsmýri at the mayor's annual informational meeting — Economic and Urban Development, on Friday, Oct. 10. Sandra Mjöll has surveyed the landscape of companies in this sector for Business Iceland and the Reykjavík Science City marketing project, with the goal of promoting and increasing the visibility of Icelandic life sciences abroad.

In total, about 130 companies operate in this sector, most of them in the Greater Reykjavík Area. Together with the universities, Landspítali Hospital and the UI Science Park, they form an informal life sciences cluster. Altogether, the sector provides more than 4,000 jobs.

Number of companies in life and health sciences

 

"The industry in Iceland began taking shape around the turn of the century and has grown rapidly in recent years, especially in digital solutions to improve health," Sandra says. The average age of Icelandic companies in the sector is about 12 years, and experts note that it typically takes 10–15 years for a life sciences company to bring a product to market. This suggests Iceland's life sciences sector is at a crucial point where valuable intellectual property could soon reach commercialization if managed correctly.

Grants yield a 35-fold return

Sandra points to the importance of helping small companies move from the startup stage to a growth phase so they can create jobs and revenue.

"It has been proven that public investments in life sciences pay for themselves many times over. A total of all grants received by current sector companies from competitive funds over the past 20 years shows that Iceland's life sciences companies generate revenue equal to 35 times that amount each year," Sandra's summary states.

She points out that the public support that has worked best in neighboring countries includes clear government policy, access to capital through competitive funds, public-private partnerships, infrastructure development, well-defined cluster frameworks, and tax incentives. "Iceland faces great opportunities, but to improve the chances of success, it's important that parties within the life sciences sector utilize synergies and maintain open communication with the government about the industry's advancement in Iceland," Sandra says.

Building an international network

Business Iceland will build on the report's findings in its marketing and efforts to create an international network, including through participation in events abroad and the production of promotional materials about Icelandic life sciences.

"It's remarkable to see how rapidly Iceland's life sciences sector has grown. We see great potential in connecting Icelandic innovation with international partners and investors. The analysis Sandra conducted is a key tool for showcasing the sector's position and building on it with new marketing initiatives," says Erna Björnsdóttir, program director of intellectual property and technology at Business Iceland.

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