From Rough Drafts to Attractive Investment Opportunities
Finnish Drug Discovery Center was established to support early-stage drug development innovations, which traditional venture capitalists often shy away from. Merla emphasizes that many innovations, such as those born in universities, need support in the early stages when they are still “rough drafts.” The early phase is the worst pitfall for innovations, known as the ‘valley of death,’ where many promising studies fail due to a lack of necessary funding and support. The center aims to alleviate exactly this situation. In addition to funding, it provides expertise and advice for early drug development, raising innovations to a level where external investors are ready to invest. The center’s vision is to build bridges between research and commercialization, thereby enhancing international financing opportunities and commercial success.
From Science to Commercial tasks
The center’s tasks are divided into scientific and commercial. The scientific tasks involve among others to identify and evaluate promising drug candidates, while the commercial tasks focus on commercializing these candidates and building the support newtork they require. The center also aims to expand its own cooperation network in the drug development supply chain and with key stakeholders, thereby increasing the recognition and esteem of the Finnish drug development ecosystem. With a funding of 20 million euros, the center can flexibly identify and develop new, promising drug candidates.
High Risks, Vast Opportunities
Drug development is a field that involves both significant risks and potentially very high rewards. Aboout 80% of tested drug molecules fail after the first and second phase of clinical trials. However, successes can be significant. A good example of a Finnish success story is Bayer’s contraceptive coil Mirena, which has achieved over one billion dollars in annual sales. Achieving success, however, requires perseverance and resilience from investors, entrepreneurs, and companies. Developing a new drug from concept to market typically takes about ten years.
Biotechnology Startups and Experts Needed
Although Finland is known for its high-quality scientific research in biotechnology, Merla expresses concern that the country has not recently produced as many startups in the field as might be expected. This concern is based on a comparison between the Nordic countries. For example, in Denmark, the biotechnology sector is thriving, and startups are being established frequently. The Danish model shows that a strong and dynamic startup ecosystem can comprehensively promote the region’s economic growth and innovation capacity.
Finnish Drug Discovery Center is now recruiting experienced biotechnology experts in various areas of drug development. “Success in our operations requires extensive expertise in various stages of drug development, and therefore we are focusing our plans this year on building a strong team,” Merla explains. The center is currently seeking a Chief Scientific Officer, apply here: https://tyopaikat.oikotie.fi/avoimet-tyopaikat/tutkimusjohtaja-chief-scientific-officer/1860035)