ORION CORPORATION
PRESS RELEASE
03 June 2024 at 09.30 EEST
Orion is developing the Finnish life science industry in a unique collaboration project
Orion is participating in a project led by the University of Turku for which Business Finland recently granted 11.7M€ funding. The project seeks to enhance advanced pharmaceutical and life science manufacturing in Finland. The LifeFactFuture project combines world-class-excellence of Finnish life science companies, technology companies, and academic researchers. In addition to the collaboration, Orion has its own parallel project that aims to utilize new technologies in the pharmaceutical industry. The funding decision for this collaboration demonstrates how public funding for research and development can enable important university-industry research cooperation. The funding decision is among the largest received at the University of Turku in the history of Business Finland.
The LifeFactFuture consortium includes the University of Turku, the University of Helsinki, some of Finland's leading life science manufacturers, and data and technology companies. In addition, the Finnish Medicines Agency, Fimea, is involved in the project to ensure compliance between technological development and pharmaceutical legislation. The goal of the project collaboration is to speed up the introduction of digital solutions and more efficient utilization of data and to make Finland the most attractive place in the world for investments in life science manufacturing.
In the project's funding decision, Business Finland states that the unique consortium expertise can make Finland a strategic and profitable manufacturing country and improve its position as a hub for global business ecosystems. The project strengthens the competitive advantage and ability of the companies in the field in international markets and aims to increase turnover for both the life science and technology industries.
The project creates an opportunity for collaboration between committed experts
Three major players in the life science industry, Bayer, Orion, and Revvity, have their own projects within the consortium. In addition, the LifeFactFuture consortium includes the technology sector with Brightly Works, Bittium, Darekon, Nokia, and Vaisala involved in the consortium and a wide range of other subcontractors. The project is linked to Bittium's Seamless and Secure Connectivity Business Finland Veturi project and its theme of significant development of operational models that promote the agile development of medical software (RegOps).
In addition to the collaboration project, Orion has its own parallel project aiming to leverage new technologies and the opportunities offered by digitalization and data analytics, especially in enhancing data processing. The project's goal is to better understand and control production processes and develop them by utilizing information technology, automation, new technologies, and effective data use. Orion's project's total funding is €1 million, of which €600.000 comes from Orion.
The project consists of three key areas:
- Roadmap for Data Utilization
- Imaging Combined with AI Solutions
- Monitoring and Process Control
Juhani Kankaanpää, Orion's Senior Vice President for Global Operations, describes that the project significantly supports the development of new capabilities and expertise at Orion.
"The LifeFactFuture project focuses on the ways that pharmaceutical manufacturing can be advanced by utilizing new technologies. This project is a great opportunity for Orion to actively participate in understanding and improving the capabilities of new technologies, and therefore also continuously enhancing competitiveness", says Kankaanpää.
The collaboration project enables the creation of new networks and provides an opportunity to engage in valuable cooperation with new academic contacts. In addition, Orion supports Finnish business activities by procuring services from Finnish small and medium-sized enterprises and higher education institutions. This collaboration builds shared expertise and creates a broader understanding of the future requirements of the pharmaceutical industry.
Contact person:
Terhi Ormio, Vice President, Communications
tel. +358 50 966 4646
terhi.ormio@orion.fi
Publisher:
Orion Corporation
Communications
Orionintie 1A, FI-02200 Espoo, Finland
http://www.orion.fi/en
http://www.twitter.com/OrionCorpIR
Orion is a globally operating Finnish pharmaceutical company - a builder of well-being. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and consumer health products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2023 amounted to EUR 1,190 million and the company had about 3,600 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.
