Nordic Life Science 1
BUSINESS // JÓNAS EINARSSON T HE LIFE SCIENCE IND
USTRY itself in Norway has been growing rapidly in recent years, with a focus on innovative technologies and therapies in areas such as oncology and regenerative medicine. Jónas Einarsson and Radforsk Investe“I was very fascinated by getting to know all the scientists leading the cancer research. So I started to work with trying to set up new ringsstiftelse have been at the forefront of this expansion. Originally from Iceland, Einarsson moved to Norway as a child, completing his studies in 1982. A medical doctor by training, he spent ten years as a GP and Chief Medical Officer of Lærdal Municipality. After moving to Oslo in 2000, he had a chance meeting with an old friend running the Radium Hospital Research Foundation, which was founded as an independent foundation in 1986. “He asked me just to help him for half a year because I didn’t quite know what I wanted to do. That was 23 years ago, and I’m still here!” Einarsson recalls with a smile. Risky business The current iteration of Radforsk Investeringsstiftelse was established in 2001, with the goal of investing in promising startups and early-stage companies working in the life sciences industry in Norway. It is now one of the key players in the industry, with a strong track record of investing in promising life sciences companies and helping them to grow and succeed. “I was very fascinated by getting to know all the scientists leading the cancer research,” Einarsson explains. “So I started to work with trying to set up new startup companies based on cancer research in Oslo and that was actually what intrigued and fascinated me, to see if that was possible to do in Norway.” In fact, this was, according to Einarsson, one of the biggest early challenges for Radforsk. “We don’t have AstraZeneca. We don’t have Novo Nordisk. It took a lot of time to get Norwegian investors interested, because it’s not property, it’s not oil and gas, and it’s not fish. So then why should they go into such a risky business? So that has been a very, very long road, but that has certainly changed. The interest in Norwegian life sciences doesn’t just come from inside Norway anymore,” Einarsson says. Jónas Einarsson Part of the ecosystem in Norway Over the past decade, the life sciences industry in Norway has grown rapidly, with a number of new companies and research institutions emerging. Additionally, the venture capital market in Norway has also grown rapidly, with the number of firms and organizations actively investing in life sciences startups and early-stage companies increasing. This has helped to position Norway as one of the leading life sciences centers in the Nordic region. Radforsk has been at the forefront of this success, with notable investments such as Nodality, a personalized medicine company, and Algeta, a pharmaceutical company that Bayer acquired for 16.2 billion NOK. “They didn’t move Algeta out of Oslo. They doubled their employees in Norway,” explains Einarsson. This idea is particularly important, as he believes that the community itself is strong, and that is what people 34 | NORDICLIFESCIENCE.ORG startup companies based on cancer research in Oslo and that was actually what intrigued and fascinated me, to see if that was possible to do in Norway.” BUSINESS // PROFILE