Why this is important to Wisconsin businesses: Italy provides a robust and expanding market for Wisconsin companies interested in pursuing collaborations in biotech research, testing, and development.
Biotechnology industry leaders from the U.S. and Italy held their first high-level meeting in Rome in November 2023 to lay the groundwork for increased collaboration, funding strategies, and research and development involving the two countries.
U.S. Ambassador to Italy Jack Markell praised the high quality of Italy’s workforce. He said biotech cooperation strengthens the economies of both countries and is “central to addressing global challenges,” as the pandemic demonstrated.
Italy’s biotech sector has grown consistently in recent years. As of 2022, the industry had 823 companies that provided nearly 14,000 jobs and generated nearly $15 billion in revenue, a 20% increase over 2020 levels, according to the U.S. Commerce Department’s International Trade Administration (ITA).
Medical and pharmaceutical companies represent about half of Italy’s biotech industry, the ITA says, and they are responsible for 89% of the total investment in research and development. Several U.S. manufacturers, such as AbbVie, Amgen, Bristol-Myers Squibb, Eli Lilly, and Pfizer operate subsidiaries in Italy.
Orphan drugs, advanced therapies, and therapeutic solutions for oncology are areas of excellence in the Italian biotech industry. Italy is one of the first countries to introduce advanced therapies to the European market, the ITA says.
The biggest biotech concentration is in Lombardy, in northwest Italy, with 29% of the country’s biotech firms, which generate €9.4 billion ($9.8 billion USD) in revenues. Lombardy accounts for 43% of the research on therapeutics and 38% of the molecular diagnostics projects. The regional government in Lombardy has allocated more than €500 million ($520 million USD) to the sector.
According to the ITA, drug research is concentrated in northwest (37%) and central Italy (33%), led by the region of Lazio. Central Italy also leads in vaccine development, while Tuscany is a hub for immunology product research.
Italy provides a robust and expanding market for Wisconsin companies interested in pursuing biotech research, testing, and development. The country has heavily invested in science parks and innovation hubs and hosts one of Europe’s Institutes of Innovation and Technology.
