Drug Development Centre granted EUR 20 million in capital
On 23 November 2023, the Government authorised the Ministry of Economic Affairs and Employment to capitalise Drug Development Centre Oy by EUR 20 million. The company’s task is to evaluate early-stage drug development projects and turn them into commercially viable products and companies worthy of capital investment.
Drug Development Centre is a wholly state-owned company with special assignment that belongs to the administrative branch of the Ministry of Economic Affairs and Employment and falls under its ownership steering. The company serves universities and research institutes, operators in clinical drug research and companies in the sector across Finland.
“The pharmaceutical industry is one of the most RDI-intensive and fastest growing industrial sectors in the world. The conditions for commercially successful drug development in Finland are excellent and that is why the Government’s investments in the sector are justified. The company aims to operate profitably,” says Minister of Economic Affairs Wille Rydman.
The investment will be made in two instalments, the first in 2023 and the latter in 2025. The agreement to establish the Drug Development Centre was signed on 4 February 2022. The company is based in Turku.
New Board of Directors for the company
The new Board of Directors met for the first time on 17 November 2023. Jyrki Liljeroos, Senior Ministerial Adviser and Board Professional, will continue to chair the Board while Liisa Huhtala, Senior Ministerial Adviser at the Ministry of Economic Affairs and Employment, will serve as Vice-Chair. The other members of the Board are Tuula Helander, Terhi Horppu, Anne Remes, Ilpo Tolonen and Jukka Westermarck. Versatile expertise in pharmaceutical research and development and business was emphasised in the selection of board members.
“The next step is to appoint the Managing Director and I hope we will have some news about it soon. The Managing Director and the Board will begin to plan the company’s strategy and business. A group of competent experts will be recruited for the company next year. The wait for the company’s operations to begin has been long,” says Jyrki Liljeroos, Chairman of the Board.
The establishment of the Drug Development Centre is part of the implementation of the Health Sector Growth Strategy for Research and Innovation Activities. In accordance with Prime Minister Orpo’s Government Programme, a growth programme for the health and wellbeing sector will be drawn up as a follow-up to the growth strategy next year.
Lassi Noponen, Special Adviser to the Minister of Economic Affairs, tel. +358 50 407 6033
Anni Kaukoranta, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 072
Tarja Enala, Chief Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 135
Jyrki Liljeroos, Chair of the Board, Drug Development Centre, tel. +358 400 625 770