23948sdkhjf

Opinion: Where do all the cool Swedish life science companies go?

| Av Magnus Björsne and Jamie Smith | Tipsa redaktionen

It’s puzzling why Swedish life science companies hardly get a mention alongside Spotify, Skype, Klarna, King, iZettle, and other cool, innovative and successful ‘startups’ founded in Sweden.

With a strong academic base and world-leading infrastructure, Sweden is widely—and justifiably—recognized as one of the world’s foremost nations when it comes to life science research.

Yet, being good at research isn’t enough to ensure success in the globally-competitive life science industry. Countries like Denmark, the Netherlands, the USA and Israel, who pride themselves on developing commercial capabilities, attracting global private capital and fostering an entrepreneurial business climate, are perceived to be growing their life science industries faster.

Turning science into a therapy that satisfies an unmet medical need is a complex task. Turning that therapy into a business success takes that complexity to a completely different level.

At the AstraZeneca Exchange event in Gothenburg, we turned to senior life science leaders to learn the biggest challenge small and medium sized enterprises face when it comes to accelerating growth in the life science industry. Their answer, besides raising capital, was aligning scientific and commercial strategies.

By getting an early and firm grip on commercial forecasts and the intricacies of market volumes, market shares, brand differentiation, reimbursement and other external influencing factors, entrepreneurs can increase their chances of developing the full commercial value of their innovations and make value-based investment decisions sooner.

Novel approaches to strengthen business acumen and commercialization could include:

  • Commercially established companies/entrepreneurs further embracing the sharing economy to find ways to make infrastructure, insights and experience available to others;

  • Ensuring that academia are incentivised to prolong the nurturing of innovations in an academic setting;

  • Investors helping life science startups to focus on long-term value creation rather than on short-term exit strategies.

In their 2017 global outlook report, Deloitte encourage life science stakeholders to pay close attention to connecting with customers & consumers. They see this as a key trend that can positively or negatively influence growth plans.

This aligns with more feedback from the AstraZeneca Exchange participants who prioritised helping growth companies connect with customers, suppliers and other actors in the life science ecosystem as a key factor to promote entrepreneurialism in the life science industry (see figure 5).

Increasingly engaged and empowered health care consumers are demanding services and solutions that are digitally-enabled and customer-centered. We can all contribute to facilitating interactions across life science value chains, between large and small companies, and with patients across new channels.

At AstraZeneca, we are experimenting with the BioVentureHub which, besides enabling small and medium-sized life science companies to tap into the scientific and commercial expertise of big pharma, is also stimulating a ‘4D life science reality’ where Drug, Device, Diagnostic and Digital health companies are co-locating, connecting and collaborating to address customer and patient needs in new ways.

Progressing a promising drug or medical device through the ‘Valley of Death’—out of the labs and through initial and costly clinical trials—often requires high levels of funding. In Scandinavia, the availability of venture capital is low compared to many other countries (see figure 7) and is commonly deployed later in the life science development lifecycle.

This represents a delicate challenge emphasised by the senior life science leaders at the AstraZeneca Exchange event who identified the Valley of Death as the priority area for improved governmental funding (see figure 6).

The recent announcement by Samvest AB, the Swedish government’s newly formed venture capital investment company, of an SEK 160 million investment in a specialized life science fund is an important step in the right direction.

Besides more money, we also need to ramp up our project assessment and commercial forecasting capabilities to ensure money is being used efficiently and effectively. It is really difficult to determine at an early stage which projects have the potential to grow beyond the Valley of Death.

As an industry, we need to dare to share. Finding more open and systematic ways to exchange learnings from our successes and failures will go a long way to help us assess and validate which innovations have the best chance of progressing further along the path to commercial success. This knowledge and expertise can also be harnessed to add value to promising early-stage, bigger bet projects.

The results from the Astrazeneca Exchange survey are an indication of the growing need and willingness within the Swedish life science industry to embrace more business-focused, entrepreneurial and value creation-based commercial perspectives.

Against the backdrop of an increasingly aging population, spiralling healthcare costs and game-changing digital technologies, we find ourselves with a truly unique and exciting opportunity to drive the transformation of global life science business models.

The challenge for us as a life science community is twofold:

  • We need to develop strategies and implement plans that enable life science entrepreneurs to become exposed to more business acumen, more entrepreneurial experience and more focus on value creation.

  • We need to enable the Swedish health care system to act as early adopters and partners in developing new health care value propositions.

An even more competitive Swedish life science industry developed through stronger, cross-segment collaborations and more selective public financing, backed up by sharpened entrepreneurial skills and commercial capabilities, will attract more capital and more competence.

Having developed their business skills, company founders will be much better equipped to know how to manage this capital, and how to control the growth of their company for longer.

Before long, successful entrepreneurial life science companies will emerge as role models, similarly to Spotify, Skype, Klarna, King, iZettle in other industries, to inspire other life science entrepreneurs. And so the virtuous circle goes on...

By: Magnus Björsne, ceo, and Jamie Smith, communications, Niklas Magnell, AstraZeneca BioVentureHub.

Håll dig uppdaterad med MedTech Magazine
Är du prenumerant? Bli prenumerant

Med en prenumeration får du obegränsad tillgång till webbtidningen. Läs webbtidningen online.

Kommentarer (0)
Startsidan just nu

Sahlgrenska lanserar sin första internetbehandling

Pengar till tankestyrda robotproteser

Forska Sveriges uppmaning till nya regeringen

Stiftelsen uppmanar till dubblerad satsning på medicinsk forskning per vårdkrona och förväntar sig att regeringen går från ord till handling.

Färre anbud i upphandlingarna - nu bjuds företagen in till möte

Region Skåne vill ha fler innovativa anbud vid sina offentliga upphandlingar.

Funktion som mål i upphandling

Få vill äta nyttigare trots att vi blir fetare

Nyhetsbrev

Nyhetsbrevet skickas en gång i veckan.

Se det senaste nyhetsbrevet. Annonsera i nyhetsbrevet

Sårläkningsbolaget går mot klinik

Arkiv

Trosan som vet vad du gör

En trosa som läser av hur mycket du läcker och vad du gör just då – Smarta textilier och teknik som läser av dina rörelser ger helt nya möjligheter för kvinnor att bli kvitt sin inkontinens.

Nästa vecka drar det igång

Om mindre än en vecka slås dörrarna upp till premiären av Fokus Hjälpmedel på Prioritet Serenek arena i Göteborg. "Den typen av möte som vi arrangerar har saknats i västra Sverige".

Tryggare badrum med mer teknik

Ny teknik för diabetiker

Centrallager för sjukvårdsmaterial flyttar från Göteborg

Första graviditeten efter teknikskiftet

Forskningen kring livmodertransplantationer i Göteborg sker numera med stöd av robotassisterad titthålskirurgi. Efter teknikskiftet är en första kvinna nu gravid.

Höglund går till Unilabs

Krönika: AI inom vården – vad händer nu?

Artificiell intelligens ger stora möjligheter för vården, skriver Torbjörn Kronander, vd för Sectra.

Enorm underhållning för äldre

Bettskenor vanligare – stress är boven

Krav för superhjältar

Behovsinriktade krav - visst låter det som något för en superhjälte!? Swedish Medtechs Petrus Laestadius om att behoven borde styra.

Lucka 24 - vem finns här?

Denna profil arbetar hårt för att stärka branschens ställning. Hen ser gärna Sverige som en förebild inom samverkan.

Lucka 23 - detta läste ni mest

Lucka 22 - titta här

Lucka 21 - öppna och se

En hund, en cykel eller oväntade insikter om synen på vårdköer. Önskningarna är många hos denna medtech-profil.

Sveriges första cytostatikarobot

Som första sjukhus i Sverige kommer Akademiska sjukhuset i Uppsala att installera en robot för beredning av cytostatika.

Lucka 20 - vem där?

Lucka 19 - öppna och se vem där

Höjning vid årsskiftet

Lucka 18 - öppna och se

Lucka 14 - vem där?

Colombia-avtal för plåsterbolag

Lucka 9 - vem där?

Lucka 7 - kika in här

Lucka 1 – vem döljer sig här?

Slutgiltigt klart för VGR:s IT-system

Får Forska Sveriges hedersutmärkelse

Se alla Företagens egna nyheter

Nytt sortiment av anatomiska modeller från 3B Scientific

Mirit Glas erbjdar kemiskt härdat glas

Synglas till process industrin

Tekniskt glas er mer än bara syns skull

Breddar utbudet av kontorsmöbler ytterligare i samarbete med VANK

Mirit Glas erbjudar rundat glas

Synglas från Mirit Glas till process industrin

LG2020 - En elektrisk trappklättrare från Italien

Mirit Glas har ett av det största och mest välsorterade utbud av glasrör och glasstavar

SWEMED - Stödföretag till UNHCR

Mirit Glas leverar säkerhetsglas – glas for beskyttelse

Professionella massagebänkar hos Swemed

Nytt sortiment av veterinärutrustning

Rundat glas från Mirit Glas

K7 - En självdrivande rullstol för tunga brukare

Tekniskt glas från Mirit Glas – för mer än bara syns skull

Airwheel H3S - En smart elrullstol

Mirit Glas erbjudar synglas

Glasrör och glasstavar från Mirit Glas

Nytt samarbete med Favero Health Projects inleds

Härdat glas från Mirit Glas, är en stark lösning

Mirit Glas erbjudar synglas

Kemiskt härdat glas som gorillaglas hos Mirit Glas

Floatglas från Mirit Glas – Materialet som brukas överallt

Synglas från Mirit Glas

Sänd till en kollega

0.142