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Poor funding to Norwegian biotechnology

The funding of Norwegian biotechnology research is still pitiful compared to that of the US, Great Britain, Denmark and Sweden

Industry based on biotechnological research is an international focus area. The US is leading the race, with a number of countries Norway normally is compared to following closely behind. However, Norway is still standing at the start line, reported the Norwegian website Forskning.no.

Research fellow Lillian Waagø has conducted a study where she compares biological businesses in Massachusetts, US, Medicon Valley, Øresund region, Denmark/Sweden, Cambridge, UK, and Norway.

«The US is at the top when it comes to number of businesses, number of employees, funding, and number of patents, while Great Britain follows as a good second,» Waagø stated at a seminar regarding biotechnological research Wednesday, according to the website. «The biotechnology businesses we checked had a number of rounds to raise funding, and we established that the average investment in a business in the US was USD 6.7 million. In Norway it equalled only USD 1.1 million.»

Waagø highlighted that Denmark and Sweden, through the research collaboration in the Øresund area, are far ahead of Norway in all areas. Through the establishment of what is known as Medicon Valley, our Nordic neighbours have established what Waagø describes a solid biotechnology cluster.

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