Report: Finland risks losing life sciences investment to its Nordic neighbors despite strong fundamentals

Annual private R&D investment in the sector is €232 million in Finland, compared with €1.18 billion in Sweden and €1.77 billion in Denmark. Finland has nine pharmaceutical production facilities, compared with 41 in Denmark. Company-sponsored clinical trials fell from 117 in 2021 to 74 in 2025. 

The Future of the Life Sciences & Health Sector in Finland, published today, benchmarks 32 countries across 30 indicators and draws on interviews with stakeholders across the sector. Finland rose from 10th to 8th place overall, but the study attributes that improvement mainly to general economic and regulatory factors, rather than stronger life sciences performance. 

Strong fundamentals are not enough on their own 

Finland’s strengths include a trusted healthcare system, skilled workforce, strong infrastructure, and extensive health data and biobank assets. Yet among the 32 countries benchmarked, Finland ranks 20th for private R&D investment, 22nd for company-sponsored clinical trials and 19th for access to international markets. Medicine availability tells the same story: only 44% of medicines approved in the EU since 2021 are currently available to patients in Finland, compared with 93% in Germany. 

“Finland has strong capabilities in science, health data and healthcare. The priority now is to turn those strengths into tangible outcomes for patients and society. Predictable policies and clear pathways from innovation to patient access are essential to attracting sustained investment and strengthening Finland’s competitiveness,” says Olaf Weppner, Region North Vice President, AbbVie.

“Finland has almost everything a leading life sciences nation needs. What this study shows is that those strengths are not yet translating into enough investment, research and new treatments here,” says Alexandra Pasternak-Jackson, CEO of Amcham Finland. 

The broader investment climate reinforces this picture: Amcham Finland and Business Finland’s Investor Confidence Barometer recorded its lowest-ever score in 2026. According to the Barometer, nearly 60% of business leaders felt political risk had increased over the past two years, partly due to declining predictability in political decision-making. 

Seven barriers to turning potential into investment 

The study identifies seven interconnected bottlenecks holding Finland back, with three standing out in particular: a lack of clear national ownership of the life sciences & health sector; the absence of a national model for public-private collaboration; and unpredictable market access and reimbursement pathways.

According to the study, these bottlenecks reinforce one another: progress in one area, such as the predictability of reimbursement decisions, can make progress easier in others, including clinical trial activity and industrial investment. 

“Finland’s world-class health data and highly skilled talent provide a strong foundation for growth in the life sciences and healthcare sector. Through collaboration, common goals and a stronger international voice, Finland can further develop its operating environment and enhance its competitiveness in the global life sciences and healthcare sector,” says Susanna Flaherty, Country Manager Finland and Healthcare Director at IQVIA. 

“Investment in the sector is an investment in people’s health and functional capacity, and in Finland’s growth. When Finland attracts this investment, Finns get better access to clinical trials and receive new treatments sooner. It also builds expertise, creates jobs and strengthens security of supply,” says Nina Ekholm-Wenberg, Country Director and General Manager at Johnson & Johnson. 

About the study 

KPMG produced The Future of the Life Sciences & Health Sector in Finland on behalf of Amcham Finland’s Life Sciences Working Group. It benchmarks 32 countries across six domains and includes interviews with companies, industry associations and public sector representatives conducted in 2026. AbbVie was the lead partner, with additional support from Bristol Myers Squibb, Business Finland, IQVIA, Johnson & Johnson and Novartis.