Biotechnology companies are becoming… a magnet for investment – 81 start-ups are active in Greece

Innovation is one of the basic conditions for attracting investment. Currently at the top of the Greek innovation system is the life sciences and health services sector, with 81 start-ups, according to data from Elevate Greece. It is indicative that in the United States and Europe, 65% and 35% respectively, of the drugs and diagnostic methods that are licensed come from the collaboration of pharmaceutical companies with start ups. Many of them have been established by universities and research centers. In Greece, BSE has taken the initiative to connect start-ups and universities with investment bodies so that new ideas can… come to fruition.

“We as academics do not have the knowledge to function as entrepreneurs. We are oriented to the development of new knowledge, to research, to science. The working group that has been created is focused on life sciences and for us academics it is important that we can get into an entrepreneurial logic through the BSE experience. The university community has the potential to produce new knowledge which can create internationally innovative products and services“, the professor of Pharmacology of the School of Medicine of the University of Crete told APE-MBE, Achilleas Gravanis.

The Greek biotechnology company ProGnosisBiotech from Larissa within a few months he developed a rapid antigen test. Technovlastos company EnzyQuest, of the Technology and Research Foundation (ITE), is active in the field of enzyme biotechnology and makes molecular tests (PCR) with specifications approved by the World Health Organization. BiopixDNATechnology, from the University of Crete, is an example of a growing company in the industry. These are just some of the companies whose efforts not only contribute to the development of the Greek economy but also to national autonomy. One in ten start-ups active in our country employ the largest percentage of workers and attract the highest funding. It is indicative that 33% of the businesses financed in our country belong to the life sciences and health sector, according to BSE data.

“We seek to contribute to strengthen the research produced by Universities and Research centers, especially in areas of investment interest, so that more clinical studies can be done in Greece. Also, our goals are to develop the start-ups in the sector faster, but also to cultivate collaborations between startups, researchers, pharmaceutical industry, public and private hospitals both in Greece and abroad“, the director of the Innovation Sector of the BSE pointed out to APE-MPE, Maggie Athanasiadis.

Globally, the total investments in life sciences start ups exceeded 100 billion dollars in 2021. It is indicative that in the last 15 years the pharmaceutical industry has been closing many laboratories and funding research through universities. The Federal Institute of Zurich, in fact, gives professors funds of the order of 100,000 euros on the condition that they receive 5% of the shares of the companies that are developed. In Athens at the first meeting “Healthcare&LifeSciencesMeet-up” organized by SEV, 51 startups in the sector presented their innovative products, exchanged thoughts and opinions on the growth prospects in the Greek and international market and discussed the obstacles they face. The majority of companies identified finding talent and contacts with large companies from other countries as the most important challenges for rapid business development. The next meeting is scheduled for October 11.

Issues also being sought are easier access to start-up capital from NSRF-style programs to cover payroll, purchase equipment and the steps required to enter the market. Issues of concern to startups include, but are not limited to: access to anonymized patient data, reimbursement by National Health Systems, the intellectual property framework, as well as the regulatory framework for digital health applications to obtain CE certification and go to market . In BSE, it is taken for granted that due to the high level of the country’s medical schools and students, the field of health sciences and biotechnology has great potential in Greece which, if strengthened, can be reduced to a competitive advantage for the country. The pandemic in this particular case worked helpfully.

RES-EMP

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