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It will support its research, development, and innovation to accelerate the production of medicinal products
On 2 December, the European Investment Bank (EIB) announced that it will support the operations of the Finnish pharmaceutical company Orion Corporation with a loan worth EUR 100 million. More specifically, it will boost the corporation’s research, development, and innovation.
Finding new treatments
According to a press release, the pharmaceutical company will use the EUR 100 million loan to boost medicinal product development from concept to pre-clinical and clinical trials. In other words, it will accelerate its production and ensure that both people and animals receive the medicinal products they need on time.
The Finnish corporation targets three core areas: oncology, neurological disorders, and respiratory diseases. Taking this further, it is currently conducting clinical development projects to find new treatments for prostate cancer and chronic obstructive pulmonary disease (COPD).
Beyond this, it also developing new veterinary drugs as Orion manufactures and markets pharmaceutical products for both humans and animals.
COVID has put important projects on hold
Since the outbreak of COVID, many research and development projects worldwide came to a halt. This, of course, is due to the fact that countless companies are working on developing vaccines and cures for the new disease. While this is undoubtedly necessary, it is also important to continue working on finding treatments for other illnesses. Supporting this statement, EIB Vice-President Thomas Östros shared:
“Although much of the world’s focus is currently on stopping COVID-19, themes such as antibiotic resistance are of increasing concern. Orion’s research and development reaches far and wide to find solutions for diseases and medical issues in both humans and animals. This contributes to the overall well-being of our societies, which is very much in line with the EIB’s mission. We’re glad to get behind Orion and hope their research will bring us closer to beating some of these horrendous diseases.”
With this investment, the EIB is not only supporting the Finnish pharmaceutical company but also contributing to Europe’s competitiveness and growth. Beyond this, it is ensuring the creation of highly skilled jobs and opportunities.
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