BIO International Convention in Boston – Biotechnology Trends Worldwide and in Lithuania

Gediminas Pauliukevičius, the director of Northtown Vilnius, the operator of Vilnius City Innovation Industrial Park, visited the BIO International Convention in Boston with the Lithuanian delegation from June 5th to 8th, 2023. VCIIP has been participating in the world’s largest biotechnology exhibition for several years now, aiming not only to establish connections but also to develop VCIIP in line with global biotechnology trends and practices, and to gain experience on how to strengthen innovation and biotechnology ecosystem in Lithuania.

G. Pauliukevičius notes that the mood at this year’s BIO Convention is somewhat different from previous years. This year, after the pandemic, the slowing down of the global economy is also felt in the biotechnology sector. On the one hand, this slowdown is reflected in decisions regarding transactions and investments, but on the other hand, it accelerates the search for new investment directions and the dissemination of innovation.

“Among the most relevant topics for the coming years, we clearly see growing new innovation trends – health technologies, therapeutic solutions, and digital tools using big data and artificial intelligence. In general, biotechnology and life sciences innovations increasingly rely on interdisciplinarity, and the importance of bioinformatics continues to grow. It is natural that we are responding to this as well – in the future VCIIP Technology Development Center, we have planned bioinformatics laboratories equipped with the necessary tools for processing big data,” shares Dr. Gediminas Pauliukevičius. He emphasises that the biotechnology sector is exceptional in that it always looks forward progressively, without waiting for a standstill, and currently, digital-based innovations and extensive international interdisciplinary cooperation are visible paths towards the sustainability of this industry.

This year, more than 15,000 participants attended the BIO International Convention, and twice as many companies presented their stands compared to 2022. The abundance of participants and their interest demonstrates not only the growth of the biotechnology sector and investors’ determination to continue investing in this area but also the rapidly growing supply of new products and services. Moreover, it is observed that the development of the biotechnology sector is increasingly being planned with a broad geography in mind, and there is a growing search for sustainable opportunities for international cooperation. Lithuania is no exception. According to G. Pauliukevičius, although our biotechnology sector is indeed keeping up with global biotechnology trends, Lithuania still has room for improvement. “We can be glad that Lithuanian capital companies, both larger and smaller, have finally started investing and opening their branches abroad. We understood that if we want to be sector leaders, we must be present in Boston, the hub of biotechnology,” notes the director of Northtown Vilnius.

Currently, “Atrandi Biosciences” is expanding across the Atlantic, and in the beginning of June, Northway Biotech opened a new branch in Massachusetts. “These success stories show that Lithuania and Vilnius stand out with their capabilities, growth rate, and talents in the biotechnology sector. Talents are undoubtedly a strength of Lithuania,” emphasises G. Pauliukevičius. However, he also highlights that investing in the successful development of the ecosystem and promoting investments requires more than just that – it is important to consider comprehensive support from the state, which helps increase the pace of industry growth.

Planning to achieve 5% of GDP generated from biotechnology, Lithuania should implement highly targeted support programs and long-term measures, considering market trends and emerging research and innovation directions. “The current growth rate and generated revenue of the biotechnology and life sciences sector are not sufficient to reach the projected goal of 5% of GDP. This means that the state must invest now so that in 5 or 10 years, we would still see steady growth and new accumulated potential,” says G. Pauliukevičius, emphasising the importance of investing in both startups and mature biotechnology companies. Life sciences funds and acceleration systems are essential tools for fostering innovation, and we have a significant shortage of early-stage investments in life sciences. It is also necessary to pay attention to the country’s overall infrastructure, investments, existing innovation support programs, and systems. However, it is recognised that we have not yet created a sustainable ecosystem that guarantees uninterrupted growth. “Understanding the connection between innovation and information technology and digital solutions, we are striving to create suitable infrastructure at VCIIP, create conditions for networking and active synergy among companies, collaboration, and joint development of new innovative products,” says G. Pauliukevičius. This year, construction will begin on the Technology Development Center, dedicated for the life sciences industry in the Vilnius City Innovation Industrial Park, which will include open-access centers and laboratories specialised in working with microorganisms, viruses, and bacteria.

“While we are developing VCIIP territory by responding to market trends and needs, we understand that it is not enough for the growth of the biotechnology industry that Vilnius can attract due to its high potential. We need to consider the development of additional specialised investment zones and facilities in the capital, which would provide new incentives for the growth, creation, and attraction of life sciences companies,” emphasises G. Pauliukevičius.