Nordic Life Science 1
COLUMN // SWEDENBIO The Life Science Barometer 20
24, published by SwedenBIO on January 30th, includes outlooks from 200 industry executives, highlighting what’s top of mind in the shortand long term, adding nuances to the complex picture of the state of the industry. W HILE FINANCING AND A turbulent macroeconomic climate are the most frequently mentioned factors influencing the industry in 2024, the Life Science Barometer underscores an optimistic outlook. The majority of the surveyed companies plan to increase their workforce in 2024, and company growth is mentioned as the most important issue, both short- and long term, but how is the current situation perceived in the day-to-day reality of companies? Perspectives from three life science leaders shed light on the complex business environment. Under CEO Hanna Sjöström’s leadership, Neola Medical is gearing up for US clinical trials. “There is a significant interest in new technology in lung monitoring. The area has growth potential, and we have great clinical support for the Neola solution, the world’s first device for continuous monitoring of lungs in preterm infants,” says Sjöström. A recent collaboration with Stanford University is opening new doors in the USA and will facilitate Neola’s US market entry. Sjöström is optimistic about Swedish life science and emphasizes the importance of a strong market and internationalization strategies. She notes, “Given the global emphasis on healthcare post-pandemic, and with an aging population, the outlook is promising for companies enhancing access to healthcare and caregiver efficiency. We need to build on our successful past, keep sharing best practices, and refine our go-tomarket and commercialization strategies, especially for the US market.” Christina Herder, with 30 years in life science, provides an insightful perspective on the current optimism. Her roles, spanning management, board positions and consultancy, highlight the sector’s vibrancy and the challenges of sustaining innovations. Herder openly shares the recent setbacks she has faced, including a stint as an interim CEO that led to bankruptcy due to unsuccessful capital raising. “My experience reflects a broader industry trend of financial hardship and resultant strategic shifts. I have a lot of empathy for the companies, especially in advanced development phases, who are currently facing a precarious balance between innovating and ensuring commercial viability,” she says. Noting a disparity between the optimistic survey results and the tougher reality for many companies, Herder points out that this optimism may be skewed by more responses from well-positioned companies, contrasting with the struggles of smaller or listed entities under financial strain. Emphasizing the importance of resilience, adaptability and strong investment narratives, Herder believes that despite the economic challenges, there’s room for optimism. She asserts that, “Innovative and adaptable companies can succeed, and this goes to show the industry’s complex yet hopeful nature.” “Beat Vascular Health is revolutionizing early detection of cardiovascular diseases with our AI-driven sensor technology,” says co-founder Pontus Axblom, who launched the company in 2020. Not surprisingly, Axblom is especially enthusiastic about the potential of AI and machine learning in healthcare, asserting, “We’re only beginning to tap into AI’s vast capabilities.” He recognizes the hurdles in adopting new technology within healthcare, stressing the importance of ensuring these innovations are both effective and clinically impactful. “Our goal is to go beyond data generation and truly enhance caregiver efficiency,” he explains. Despite the current economic downturn, Axblom’s outlook remains positive, shaped by the company’s inception during the COVID pandemic. “Navigating through tough times from the start has made us more resilient,” he notes. Beat Vascular Health’s recent achievements, including joining the CO-AX health tech accelerator and receiving two Vinnova grants, further fuels their optimism for the future. NLS MAJA NEIMAN, SCIENCE DIRECTOR, SWEDENBIO, AND JAMIE SMITH, COMMUNICATIONS CONSULTANT, SAHLGRENSKA SCIENCE PARK This text is an excerpt from SwedenBIO’s Life Science Barometer 2024, page 14. NORDICLIFESCIENCE.ORG | 21 PHOTO EVA GARMENDIA AND DINO SOLDIN