Norway Life Science Trend Analysis 2024

In 2023, the Norwegian life science industry continues to show dynamism and innovation. With biotechnology companies comprising a substantial 48% of the life science sector, nearly half of these fall under the “Biotech – Other” category, which includes sectors such as AgBio, environmental, veterinary, and industrial biotechnology. Notably, digital health emerges as a key sector, representing a quarter of all life science companies in Norway.

In the Biotech – Therapeutics and Diagnostics sphere, companies are mainly engaged in developing small molecules (16%), immunotherapies (15%), and anti-infectives (10%). Oncology remains the primary focus for therapeutic development.

Venture financing slowed down in 2023, with Norwegian life science companies securing USD 30 million in private equity funding, compared to USD 38 million in 2022. Cytovian ASA led the way with a USD 8 million Series A round, followed by GlucoSet AS, a medical technology company, which secured USD 6.5 million in Series A funding.

This year’s report includes a benchmark analysis, comparing the Norwegian life science industry with its Nordic counterparts. While Norway ranks mid-pack in terms of the number of companies and biotech assets in clinical development, there is a clear need for increased investment to stay competitive in the robust Nordic biotech landscape.

We’d like to thanks our partners, The Life Science Cluster and Oslo Cancer Cluster, for their collaboration in the preparation of this year’s report.