Northway, a leading Lithuanian biotechnology, and pharmaceutical group, has officially commenced the ambitious endeavour of constructing Europe’s largest biotechnology hub, known as Bio City, in Vilnius. Vladas Algirdas Bumelis, the CEO of the group, emphasized the significant impact of such facilities and investments in life sciences on the nation.
Expressing his confidence in the positive impact, Bumelis stated during the launch event, “The establishment of bio-cities or furthering investments in the life sciences sector is undeniably advantageous for Lithuania. When the state and government prioritize life sciences, continuity is crucial.”
Elaborating further with reporters, Bumelis highlighted that the upcoming centres within the new biotech city will foster the advancement of new drug technologies and gene research for pharmaceutical companies.
The scale of Bio City is set to be colossal, approximately equivalent to the expanse of 10 football fields, with an investment totalling around 7 billion euros over the next decade. This significant initiative will encompass four factories and two research centres, generating over 2,000 employment opportunities.
In emphasizing the project’s uniqueness and its role in positioning Lithuania as a high-tech haven, Bumelis shared with the national broadcaster LRT, “The complex we are embarking upon is unparalleled in the Baltic states and will stand as a European leader. We aim to showcase Lithuania’s stature as a high-tech hub.”
Funding for this ambitious venture will come from the Northway group, bank loans, and private investors, including pharmaceutical companies and investment funds, as outlined by Bumelis.
Aušrinė Armonaitė, Minister of Economy and Innovation, echoed the significance of Bio City, labelling it “a monumental achievement not just for Lithuanian enterprises but for the entire country.”
Bio City’s design will encompass six diverse research and production complexes, ranging from gene therapy to virology centres, emphasizing stem cell research and 3D bioprinting laboratories.
Looking ahead, Lithuania has set a target for biotechnology to contribute at least 5 percent to the country’s GDP by 2030, underscoring the strategic importance of such initiatives in driving economic growth and technological advancement.