Represented by CEO Jessica Martinsson, International Director Marjo Puumalainen, and Nordic Manager Sigrun Elfa Snæbjörnsdóttir, the SwedenBIO team arrived with clear objectives for the busy days ahead. In this Q&A, Marjo Puumalainen shares her insights and takeaways from Boston.
What was the SwedenBIO team able to accomplish during the days in Boston?
– We kicked off with the Nordic-US breakfast with around 100 American and Nordic participants. There’s a lot of uncertainty, especially under the new administration, and it’s important for Nordic companies to understand the broader macroeconomic environment when meeting investors and partners. It’s easy in Sweden to get stuck in a smaller perspective, so we wanted to broaden that view, as this article in Biospace conveyes.
Much of what SwedenBIO does at BIO is behind the scenes – meetings that aren’t visible to our members. For example, Jessica participated in the International Council of Biotech Associations, where we met with sister organizations from around the world, bringing the Swedish voice into global policy discussions. We also had roundtable talks about how to attract more investment to Europe. One panel included representatives from both the investor and company sides. The EIC (European Innovation Council) was there, listening in on how Europe can become more competitive.
I highlighted the role of Vinnova, our national innovation agency, and the need to better align national and European funding. Right now, they’re not well-synced.
We also worked to raise the visibility of Swedish biotech through one-on-one meetings. Sigrun and I had many partnering meetings with pharma companies and investors, where we used the Swedish drug discovery and development pipeline to showcase the assets Sweden offers. These conferences are about long-term impact – building partnerships with companies, clusters, and other actors.
Sigrun also did a great job raising awareness of Nordic Life Science Days among various US states that haven’t been active in the Nordics yet. That’s also part of our long-term strategy.
You mentioned SwedenBIO’s behind-the-scenes work. What’s the direct value for member companies?
– The most direct value is financial – we offer discounted BIO tickets to our members starting in January, thanks to our good relationship with BIO. We also guide members on how to navigate the conference. During the event, they meet peers – for example, at our breakfast.
We also had a WhatsApp group where members could coordinate side events. If you’re a one-person company, it can feel lonely at such a huge event. Through the group, people could say, “I’m going to this reception or dinner,” and others could join. It helped build a sense of community.
It’s time we dare to take the risk and show leadership by being inside the main venue.
How was the European, Nordic and Swedish presence in your view and was there enough coordination between the actors?
– I really liked the European pavilion, especially the companies selected through EIC programs. It was also great to see the European Commissioner Oliver Varhelyi (Health and Animal Welfare) present. In many discussions, “competitiveness” was the keyword – Europe is clearly waking up to the fact that we’re lagging in innovation and commercialization.
On the Nordic level, we coordinated several side events with our partners. Business Finland did a Kendall Square tour; we and Norway organized the breakfast; and our Danish colleagues hosted a US investor dinner. That collaboration worked well.
However, we didn’t have anything inside the convention center. That’s the next step. With 150 side events happening, visibility is hard to achieve through scattered activities. It’s time we dare to take the risk and show leadership by being inside the main venue.
Did you miss having a Swedish pavilion?
– Yes. We know of at least 50 Swedish companies that were there, with some even presenting. That number warrants a pavilion. We need a place where investors and pharma companies can easily meet Swedish companies.
Practically speaking, it’s difficult to coordinate meetings when investors say, “Show me some private Swedish companies.” They’re scattered across Boston in countless meetings. Tuesday night, for example, would’ve been perfect to host a Swedish fika at a pavilion. That way, we could say, “See you at 5:00, meet everyone there.” Without that space, it’s hard to make meaningful introductions.
I believe Business Sweden should take the lead in promoting Swedish life science globally
What’s stopping Sweden from having a pavilion?
– Sweden’s Life Science Strategy does include internationalization as a key goal. So the government recognizes the importance of being globally visible. But we lack the funding structure and execution plan.
We already know how to do it. What’s missing is the government’s support – specifically, they need to fund at least 50% of it. Companies are willing to support the pavilion, but most are small and can’t cover the full cost, especially when coordination is involved. That coordination work also needs to be funded.
I believe Business Sweden should take the lead in promoting Swedish life science globally. SwedenBIO can handle the companies – we have those relationships. Companies could contribute through discounted tickets, for example, which could help cover pavilion costs.
This was your third time at BIO. What are your takeaways compared to previous years?
– Everyone is talking about China. The US feels uncertain, and Europe has been lagging behind in life sciences. The main issue is that Europe is slow. China’s biotech sector was quite insignificant only 15 years ago, and now they supply 40% of the assets going to pharma – with good quality and at lower cost!
Meanwhile, uncertainty in the US, especially with NIH funding cuts, creates an opportunity. I think the Nordics can stand out by sticking to values like diversity and sustainability. We need to act faster and be better at communicating what we’re doing.
