ETLA’s in-depth review: Biotechnology employs 19,400 in Finland – modern biotech is growing, but regulation and commercialization slow it down

ETLA’s new report “The Finnish Biotechnology Sector: Status, Growth and Challenges” presents, for the first time, a comprehensive overview of the scope and dynamics of the industry. Finland hosts 834 biotechnology companies, with a combined turnover of €7.1 billion and 19,400 employees. At the core of modern biotechnology are 124 companies, generating €220M in value added and employing around 2,800 people. Growth appetite is exceptionally strong, but the biggest hurdles are regulatory approval processes and weaknesses in sales, marketing, and distribution.

Key figures at a glance

• 834 biotechnology companies in Finland (2023)

• €7.1 billion turnover (1.3% of the business sector’s turnover)

• 19,400 employed (1.4% of the business sector’s workforce)

• 124 modern biotechnology companies

• €220M in value added and ~2,800 jobs in modern biotech

• From 2015–2023: companies 68 → 124, employees ~1,033 → ~2,772, value added €103M → €220M

What does “modern biotechnology” mean?

In the report, modern biotechnology refers to technologies based on molecular biology (e.g. drug and diagnostics development, enzymes, biomaterials, synthetic biology). In Finland, the enzyme sector is particularly strong, while value creation is concentrated in pharmaceuticals, diagnostics, and industrial enzymes.

Growth pace, ambition, and bottlenecks

Finland’s modern biotech field is young: four out of five companies are under 15 years old. According to survey results, 76% of companies are strongly growth-oriented – far higher than the business sector average (19%). Still, growth faces obstacles: 58% cite regulatory approval processes as a barrier, while commercialization challenges remain, especially in sales and marketing expertise and the functionality of sales/distribution channels. Financing also slows growth: equity financing is the most critical for many investments, while debt financing is less emphasized.

Why does this matter for Finland?

Modern biotechnology is a high-productivity, high-value-added sector closely linked to health technology and sustainable chemistry. By streamlining regulatory processes and strengthening commercialization skills (sales, marketing, channels), Finland has excellent conditions for significant growth.

Download the full report on ETLA's website: https://www.etla.fi/en/publications/reports/the-finnish-biotechnology-industry-present-status-expansion-and-growth-challenges/

EuropaBio published a report in March 2025 titled “Measuring the Economic Footprint of the Biotechnology Industry in the European Union.”