BDAR
gdpr

Minister Armonaitė presents Lithuanian biotechnology achievements to US businesses in Chicago

Date

2021 09 09

Rating
0
AW3W3437 (1).jpg

Minister of the Economy and Innovation Aušrinė Armonaitė is visiting Chicago, where she will meet potential US investors and present Lithuania’s life science achievements. 

The US is a priority market for the Lithuanian biotechnology and pharmacy sector receiving most of Lithuania’s biotechnology exports, especially organic chemicals. Lithuania aims to further increase exports of these products to the US. 

‘We can be proud of the Lithuanian life sciences achievements. We are attractive for potential investments and as a business partner. Americans are very interested in innovative products offered by our laser manufacturers. So the purpose of this visit is to strengthen cooperation between US and Lithuanian businesses,’ says Minister of the Economy and Innovation  Armonaitė.

In Chicago, the Minister will meet representatives of the Argonne laboratory, Hollister, Baxter and Unlimited Carrier as well as businessmen of the Lithuanian-American community.  

The Minister emphasises that the success of life sciences in Lithuania is built on a strong foundation: 23 % of our students choose life sciences-related disciplines; every year, around 10 innovative life sciences start-ups are established here. Lithuanian start-ups develop technologies that attract the attention of US investors. For example, the US company DowDuPont, one of the world’s largest chemical giants, is a strategic investor and partner of start-up Caszyme. 

One of the largest US investors  in Lithuania is Thermofisher, which acquired a Lithuanian biotechnology company Fermentas International. Lithuania has the largest and most advanced research centre of Thermofisher in the Baltic States. The total number of employees employed by Thermofisher in Lithuania is more than 1700.

Lithuanian companies have also started to invest in the US. A Lithuanian capital company Biotechpharma, engaged in the development and production of biopharmaceuticals, has started activities in the US and aims to become a world-class biotechnological pharmaceutical center. This year, Biotechpharma announced about conducting clinical trials of medicine to treat COVID-19.

Lithuania’s biotechnology sector is a rapidly growing and priority sector. According to Enterprise Lithuania, in 2019, this sector generated around 2.9 % of the national GDP; the strategic target is to reach 5 % of GDP before 2030. 

Lithuania has a strong life science research infrastructure and continues to develop it. Eight specialised life science centres are operating in Lithuania with the largest Life Sciences Centre of Vilnius University.