Austria as a Pharma Industry Location: 50 Million Euro Investment Package for the Life Science Sector

PeopleEntrepreneurs ♦ Published: April 1, 2022; 09:31 ♦ (Vindobona)

In order to strengthen one of the most important economic sectors of the domestic economy, the pharmaceutical industry, the budget for the funding program "Austrian Life Sciences" was recently presented. Minister of Economics Margarethe Schramböck hopes that this will make Austria more attractive as a business location for life science companies.

Austria learned how important the pharmaceutical industry is, especially in the last years of the pandemic. / Picture: © Lifebrain COVID Labor GmbH / Philipp Lipiarski & Peter Hautzinger

The pharmaceutical industry is an enormously important sector of Austria's economy. With seven percent of the gross domestic product, it contributes significantly to the national gross value added and is responsible for over 60,000 highly qualified jobs.

In order to further expand and promote this sector, the new budget for the "Austrian Life Sciences" program has now been announced. …