Nordic biotech’s next act: From fragmentation to global force

The Nordic biotech landscape reveals a significant divergence between Denmark’s thriving ecosystem and the structural hurdles facing Sweden, Norway, and Finland. Denmark’s success stems from a unique foundation-led model, exemplified by the Novo Nordisk Foundation and the BioInnovation Institute, which provides long-term capital and infrastructure to translate academic research into scalable companies. Conversely, Sweden struggles with a shortage of early-stage private venture capital and a fragmented geographical landscape, despite its deep-rooted pharmaceutical history. Norway and Finland face their own distinct challenges, including restrictive wealth taxes and limited pharma legacies, though they maintain niche strengths in radiopharmaceuticals and medtech. Addressing these disparities requires improved regional cooperation and the adoption of long-term investment strategies that move beyond isolated national efforts to create a more cohesive, competitive, and investable Nordic biotech hub.