The health sector secures the future – we can meet future challenges through cooperation

The pharmaceutical industry has been the key player in the management of the Covid-19 crisis. Approximately 11 billion doses of vaccines were produced during 2021, and this figure will rise to 18.5 billion doses by the end of June 2022. Nothing like this has ever been seen before. 

Despite the crisis, the research-based pharmaceutical industry, led by researchers, has sought new critical treatments for diseases that can now be treated better with new pharmaceutical care. The research work continued during the crisis, as diseases do not stop for anything.

Not just treatment but new growth paths for Finland

A key objective of the pharmaceutical industry is to prevent and cure diseases and to improve people's ability to work and function. Society will also benefit through more years of working life and fewer days lost through sickness.

The sector also generates value for our society through investments and, for example, corporate taxes. According to research carried out by the economic research institute Etla, the added value and productivity of the research-based pharmaceutical industry have doubled over the period 2008–2018, whereas in the rest of the corporate sector they have remained unchanged. 

"The production investments of the pharmaceutical companies in Finland almost doubled in 2021. This shows that the health sector and the pharmaceutical industry as part of it are important growth-generating sectors in this challenging economic situation", emphasises Matthew Iles who continues as the Board Chairperson of Pharma Industry Finland (PIF).

"The increase in investments is also an indication that with the right decisions and measures, Finland will be able to increase its investments in research and production significantly in the coming years as well," Iles continues.

The investments continued to grow strongly for the second year in a row: they rose to EUR 357 million which is 8% more than in the previous year. 

The importance of cooperation is emphasized in crisis situations

Russia’s invasion of Ukraine and the threat to world peace is a subject that everyone is talking about. The research-based pharmaceutical industry is doing all it can in Europe to ensure the availability of medicines for those who need them all over the world, but also in crisis areas. 

The crisis will also affect the Finnish economy, and it is now even more important for the pharmaceutical industry and the healthcare sector as a whole to operate as one of the growth sectors that will help to revitalize the Finnish economy.

Only with cooperation can we meet the future challenges that Europe and Finland will face and create even more wellbeing for people’s lives.

"We thank the various actors in the pharmaceutical branch, the authorities and the decision-makers for their cooperation. Securing the pharmaceutical services in Finland has been our common goal, and we have succeeded well in this during the coronavirus crisis. The cooperation between the actors has been close and effective, and we will continue along this path in this still ongoing unstable situation," says Sanna Lauslahti, Managing Director of the Pharma Industry Finland (PIF).

Read more about our Annual Report 2021 (link).