Northway, a prominent player in Lithuania's biotechnology and pharmaceutical sector, has embarked on a grand venture by initiating the construction of Bio City, Europe's largest biotechnology hub, located in Vilnius, Lithuania's capital city.
Bio City's concept is poised to unite various facets of biotechnology research and production, housing six distinct complexes encompassing Gene Therapy, Research and Experimental Development, Virology Centers, Stem Cell Research, and 3D Bioprinting Laboratories.
The sheer magnitude of Bio City is awe-inspiring. The entire complex will occupy a space equivalent to 10 football fields, with an estimated total investment of approximately 7 billion euros anticipated over the next decade. Once fully operational, Bio City is projected to provide employment opportunities for approximately 2,100 highly skilled professionals, including scientists, biotechnologists, and medical engineers.
Vilnius serves as a dynamic hub within a country that boasts a robust life sciences sector with an impressive annual growth rate of 25%. With more than 80 thriving life science companies, this sector plays a vital role, contributing approximately 2.5% to the nation's GDP. As Lithuania gazes towards the future, it has set an ambitious target: for biotechnology to constitute at least 5% of the country's GDP by 2030. This visionary goal underscores an essential role of initiatives like Bio City in propelling economic growth and driving forward technological advancement within the nation.