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Pharmaceutical R&D Investments on the Rise in Iceland

Investments in research and development manufacturing within the pharmaceutical industry are continuing to increase in Iceland, including those from Novartis, Alvotech, and Coripharma. According to Frumtök, the Icelandic Association of the Pharmaceutical Industry, Novartis has contributed over 160m ISK over the previous three years.

Contributing to the rise in R&D spending is the direct participation in the Generation Program, a drug study investigating the effects of a specific drug on Alzheimer’s disease, more specifically, the delayed start and progression of the disease. Moreover, the study exhibits a clear sign of collaboration, as it is jointly facilitated by Novartis and Amgen.

The study is being managed in Iceland by Dr. Jon Snaedal of the National Hospital. Dr. Snaedal indicated that the study will last at least five years and comprise a 200-person sample, or 10% of the total needed participants. The second largest research center in the study, after Iceland, has only 20 participants.

Jakob Falur Garðarsson, Managing Director of Frumtok, indicated that there are “enormous opportunities in the ongoing development of knowledge in the pharmaceutical industry.” As a result of “all the infrastructure, as well as the knowledge that has been built over the past few years, there are unprecedented opportunities for strengthening and enhancing knowledge in Icelandic biotech and pharmaceutical industries.”

Frumtök, established in October of 2005, is the Icelandic Association of the Pharmaceutical Industry. The central objective of the Association is to promote the interests of the research-based medicinal products industry in Iceland, including the promotion of the importance of R&D regarding new drugs and the importance of competitive and fair market conditions.

Life science companies focusing on research and development in Iceland, benefit from favorable patent legislation, low corporate tax, and encouraging financial incentives for R&D and commercial applications. To learn more, please visit Invest in Iceland.

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