New Report: The Danish Life Science Industry Is Growing Significantly and Has Reduced CO2 Emissions By Half
A new report published by the Ministry of Business shows that since 1990, the Danish life science industry’s contributions to GDP have grown to nine times its size, whilst the industry’s CO2 emissions have been reduced by half.
The new foot print report includes data on the 1.500 life science companies in Denmark, showing clearly that the industry is in progress; the industry’s value add has doubled (2008-2017) with annual average growth of 10 percent. This is five times higher than the overall business sector.
Significant Reductions of CO2 Emissions
This year’s foot print report includes the Danish life science industry’s total CO2 emission, which has stagnated significantly; While the value add has grown nine times since 1990, the life science industry’s total CO2 emissions have been reduced by 55 percent over the course of this time period.
Minister of Business Simon Kollerup states, “We need to invest our way out of the crisis and the analysis shows that green initiatives can go hand in hand with job creation and growth. It is therefore imperative that we support businesses by securing good framework conditions and targeted initiatives. This goes for the life science industry as well”.
More Employees and Increased Sales Abroad
The Danish life science industry is one of Denmark’s most prominent export industries. During the past 10 years, the life science industry has nearly tripled its export; DKK 142 bn. in 2019, which is 19 percent of Denmark total export of goods.
In addition, the life science industry employs 47.000 full-time employees. The industry’s employment rate has increased by 18 percent (2008-2017), whereas the collected business sector’s employment has dropped by 4 percent.
Minister Kollerup says: ”Denmark has a world-class life science industry. Whilst the Danish government was working to kickstart Denmark post-corona, it is extremely positive to see companies growing and creating jobs. The life science sector has established itself as one of our most competitive industries with a close relation to the strong, Danish welfare society. This is position of strength that we need to protect and continue to develop”.
Furthermore, the report shows that the life science industry is unique on a wide range of variables; this includes the productivity level, where an employee in the life science industry creates a value of around DKK 2 mio. annually. The productivity level of the life science industry is thus twice as high as the business sector on average. Life science companies are also responsible for more than a third of the total private research and development executed in Denmark.
This is the second time that the Ministry of Business publishes a report of the life science industry’s economic footprint. Read the first analysis here. This year’s analysis was published on September 10, 2020.
Read more the full analysis via the Ministry of Business here (in Danish).
Source: Ministry of Business