The Baltic region; Lithuania, Latvia, and Estonia have pioneered digitalization across a range of sectors, resulting in global success for companies that were created in the region, including fintech unicorns Revolut and TransferWise.
Life science is now poised to build on this success - with 70-90% of products manufactured by Baltic healthtech and biotech companies currently exported, and a vibrant startup ecosystem already established across all the three countries, the region is set to become a major player in Europe. Lithuania, one of the fastest growing life science hubs in Europe, achieved 22% growth, the fastest annual growth rate in the EU.
Each of the countries in the region has its own strengths:
In Estonia, it is the genetics & heredity subsector, which accounts for 34 per cent of all production in the industry.
Latvians are known for state-of-the-art pharmaceutical research, which has allowed them to take part in the COVID vaccine production chain and export 83 per cent of the subsector's production.
Lithuania exports over 90% of optical, medical and dental instruments, irradiation equipment and basic chemicals produced in the country.
"These figures serve as a solid proof that the Baltic countries have managed to turn their young democracies into places where intelligence, courage and innovation are celebrated and rewarded." - Daina Kleponė, Head of Enterprise Lithuania.
With this in mind, Enterprise Lithuania is always on the lookout for the region's most innovative startups. This year, the organisation has identified ten promising startups, drawing attention to medtech solutions that dominate the startup landscape.
An app for people with dementia and their caregivers, enabling location tracking, safe zones, and dementia-comprehensible reminders.
Data curation and compliant utilisation for biomedical institutions within an end-to-end environment.
Clinical Decision Support System to improve decision making for clinicians, providers, governments.
AI radiology solutions, including a platform that produces preliminary reports for healthy patients.
Vigo Health, Latvia
A digital rehabilitation system for stroke victims.
An AI-powered platform for advanced skin analysis in the skincare and pharma industries.
Wearable UV-technology air purifier for protection against viruses.
PBMT technology-powered at-home treatment device that increases sperm quality and testosterone levels.
Droplet Genomics, Lithuania
High-throughput analysis and selection tools for using droplet micro fluids in research.
New tools to support CRISPR-Cas gene editing technology research.
Lithuania, one of the fastest growing life science hubs in Europe, achieved 22% growth, the fastest annual growth rate in the EU.
Enterprise Lithuania is a non-profit agency under Ministry of Economy and Innovation established to promote entrepreneurship, support business development and foster export. The team at Enterprise Lithuania is a reliable adviser and assistant for start, growth and export of national businesses with focus on SME’s. Enterprise Lithuania is a one-stop-shop for entrepreneurs across the EU. We provide information on regulations, requirements, licenses as well as quality support to establish business in Lithuania.