With an admirable legacy of excellence behind it, Austria’s healthcare and life science industry is poised to take the next step and help make the country a genuine hub for both the region and for Europe. More than 63,000 people working in 823 companies make up the domestic industry in Austria, accounting for 9.6 billion EUR in value and 2.8% of the nation’s entire GDP.
R&D investment is slated to grow to 3.76% of GDP by 2020, and Vienna is already fast establishing itself as Central Europe’s innovation hub as well as recently being ranked as the world’s most livable city.
High levels of education mean companies operational in Austria have access to a talented and competent workforce backed up by a supportive regulatory environment. A geostrategic location combined with logistical prowess is allowing Austria to leverage its manufacturing excellence – especially in the highly specialized field of biologics — and export more across Europe and the globe.
On the healthcare front, Austria can boast of a public health system that offers the widest public health coverage in Europe and some of the lowest unmet medical needs. However, balancing affordability and sustainability with guaranteeing Austrian patients access to the latest innovative treatments remains a puzzle to be solved for the foreseeable future.
This report provides pharmaceutical executives with an insider's look at the hidden champion emerging from the shadows to take its place at the top table of European life sciences.