Reports show effects of coronavirus on the Nordic industry

Nordic Life Science is reporting the effects so far of the coronavirus pandemic on the life sciences industry in Sweden and Norway.

The Swedish economy has required a boost, with ministers making up to SEK 300 billion (£25 billion) available to help protect jobs and businesses in the territory through various means. Nordic Life Science reports the concerns of SwedenBIO, alongside the sector’s strengths:

“Helena Strigård, Director General of SwedenBIO, the national non-profit association for the life science industry in Sweden, says that the situation is severe. Clinical trials have stopped, the stocks go down, and a lot of companies could risk bankruptcy. ‘The government’s efforts are missing the target for this industry,’ she writes to NLS. ‘Two percent of all financing activities in this industry are bank loans, and a big part of the staff are consultants.

‘Still, we need to remember that nothing has actually changed in the project portfolios as such. These are promising, viable companies in what is an industry for the future.'”

The response in Norway has also been increasing, with clinical trial recruitment taking the latest restrictions:

“The restrictions – which also include a temporary halt in patient recruitment for new clinical trials – are implemented at all large hospitals nation-wide and include a provisional standstill in monitoring of ongoing research, as well, consequently delaying its outcomes.

“The precautionary measures taken are in no way related to which studies that are ongoing, which treatment that is researched, or which company that is responsible for conducting it.”

Find out more about the COVID-19 response in the Nordic countries through Nordic Life Science here.

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Published on 19. March 2020 in News International