Finnish health tech sector shows strong growth

The development of health technology and research-oriented pharmaceutical sector in Finland has been impressive in the recent years , shows research by ETLA Economic Research.

The Finnish research-oriented pharmaceutical and health technology sector has significantly increased its productivity and profitability, according to recently published research by ETLA Economic Research. The added value of the health technology sector alone has risen by 60% between 2008 and 2018, while the entire Finnish industry landed at 3 percent negative growth for the same period. The added value of the pharmaceutical sector has almost doubled.

Researchers outline several possible factors behind the success of the Finnish health sector. Strengths highlighted include, for example, open and constructive cooperation between patients, clinics, universities and companies in Finland. Expertise and innovativeness in healthcare and R&D has accumulated in Finland. Also, the emergence and growth of the ecosystem has been supported consistently, and the research results suggest that Finland’s bold policy has turned out well. However, to ensure further success, researchers emphasise the importance of new investments and continuing cooperation.

Cover photo: Business Finland