Not only did the Lithuanian biotechnology and life sciences industry show resilience in the face of the pandemic but it also took this momentum to grow. According to the reports of the State Tax Inspectorate, 300 million euros were contributed to the state budget in taxes during the first half of the year by 100 largest corporate taxpayers, with Thermo Fisher Scientific Baltics being among the largest contributors (more than 100 million euros).
Economy analysts predict that company’s reagent exports could raise Lithuania’s GDP by at least 1 per cent.
The company’s contribution to the state budget was 54 million euros in 2020, to compare with 30.8 million in 2019. The management credits this growth to the huge demand for COVID-19 products, including reagents. According to Algimantas Markauskas, The General Manager of Thermo Fisher Scientific Baltics, the availability of qualified professionals in the market enabled them to expand the Vilnius branch and thus ensure greater efficiency in serving customers all over the world.
Historic highs were reached not only in corporate income tax contribution but also in the payroll, resulting in 1.5 times higher average salary than that in the country. Thermo Fisher Scientific Baltics has a staff of 1.731. It has created over 630 new jobs since the beginning of 2020. Built in 2020, a new production facility has largely expanded company’s reagent production capacities. The average salary now stands at about 2205 euros.
With biotechnology and life sciences gaining firmer ground, the Government has set a goal to increase its GDP share to 5% by 2030, thereby placing Lithuania alongside Singapore, which is one of the global leaders in the field.