CEO letter in response to Covid-19

It is with a sense of surrealism that we at SwedenBIO look back on the past week. How quickly the world changed. And with it the conditions for life science companies in Sweden. We have been following you closely. Many have contacted us directly, others we have called or contacted via linkedin...

…to hear how stock market turmoil, work-from-home directives, clinical trials coming to a halt, and much more have affected you. And what you need. Please keep in touch! What happens with your input is that we transform it into two things. Second, measures that are within our power and capacity to implement. Such as our online Q&A and our newly created bulletin board on linkedin. More on these initiatives below. On the other hand, your input is transformed into input for the government and authorities to act. Overall, I am impressed by the drive that is now emerging. Things that we have been pushing and pulling for decades are suddenly rattling and decisions are being made.

Much remains to be done. But it’s not all doom and gloom. There is a great willingness to support each other. This is reflected in the number of people who have contacted them asking how they can help. Actors who should have worked together a long time ago come unstuck. Solutions are found. Overall, there is a good chance that we as an industry will emerge stronger. But action is needed here and now!

/Helena Strigård

CEO SwedenBIO

SwedenBIO in dialog with government on crisis measures

Some of the measures introduced by the government will help life science companies. Deferment of payment of employer’s contributions, preliminary tax on wages and VAT, for example. It affects liquidity here and now. A strong request from many people we spoke to was to extend this deferral further. For life science companies, customers and investors will not come back from day one as we get back to business as usual. Abolishing the qualifying day is also highly valued. But overall, the accuracy of the government’s measures for our sector is not sufficient. As the share of consultants is high, as high as 37% among drug development companies, measures related to employed staff have a muted effect. Only a small proportion of life science companies are financed through bank loans. However, the need to restore the willingness to invest in viable companies and projects is very high. There are a number of initiatives the government can take, not least with the help of Saminvest, Almi Invest, Vinnova and Industrifonden. There is also a need for active investment promotion that can link up with private sector initiatives, not least Nordic Life Science Days, the largest investor and partnering conference for the life science industry in the Nordic region. Another measure we have put forward, which we see as having a high impact on knowledge-intensive industries like ours, is the R&D tax credit. Dialogue with your members continues, as well as with policy makers.

Ask your question here

In SwedenBIO’s Q&A you can ask questions about the role of the Swedish life science industry in meeting the challenge of the new coronavirus and the disease covid-19, but also more practical questions that may be relevant to member companies. You will get answers to questions such as: What does the government’s support package mean, how can we as biotech companies contribute with our research and what money is available, what general approach should a listed company have in its communication with investors? There is also a short HR manual for regulations due to Corona.

Ask your question here!

Information for member companies can be found here.

At the request of members, we have also opened a Links group where you can get in touch with each other about various issues related to the current situation. Can be small or large. The linking group can be found here.

Here you will find SwedenBIO’s information page related to Covid-19:
https://swedenbio.se/om-life-science/covid-19/