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Austria’s life science sector – a blossoming industry

22 October 2015

Austria enjoys an exceptional reputation as an economic hub for life sciences and medical technology.

In the life science sector Austria can not only be proud of its exceptional tradition in medicine, it also has a growing, proactive community in the various life science disciplines.

The industry’s dynamic growth in the period 2012 to 2014 is shown in the recent “Life Science Report Austria 2015”. The number of biotechnology, pharmaceutical and medical technology companies reached 823 in 2014 – a hike of 14% against 2012. Revenues in this period were up by almost 8% to just over EUR 19 bn, while the number of employees grew by 3% to 51,660.

Growth was particularly strong among the biotechnology and pharmaceutical companies, which increased by around 17% to 364. Revenue stood at EUR 11.54 bn (+13% against 2012), with the number of jobs rising to 26,500 (+5% against 2012). More than two thirds of these employees worked in research and development. In the medical technology sector the number of companies rose by 12% to 487, although there was only a modest increase in the number of employees to 25,180, as well as in revenue (EUR 7.46 bn).

Taken as a whole, the companies in this industry invested some EUR 1 bn in research and development last year, showing that Austria is an important location with massive potential for innovation.