ProductLife Group (PLG), a supplier of regulation and compliance solutions for the life sciences sector, has joined the Venture Centre of Excellence, EIT Health’s regulatory hub.
In order to help early-stage biotech, medtech, and digital health start-ups expedite their path to market through the VCoE programme, EIT Health will afterwards suggest PLG to them.
The purpose of the VCoE is to expand and quicken market possibilities throughout Europe by connecting emerging businesses with the resources they need in terms of capital, knowledge, and relationships in the field of professional services. For the latest generation of life sciences start-ups, irrespective of whether they’re hitting the market for the very first time or seeking to expand their operations in other continents, the overall goal is to make Europe a more alluring and lucrative market.
In fact, the European Commission stated its intention to facilitate 2 billion euros in investment while bringing 200 young start-ups to market over a period of 15 years when it announced its €150 million initial funding into the programme in October 2020. More than 60 start-ups, including those coming from academic laboratories, have already benefited from that investment level, which has now been reached.
The corporate and VC members are keen to support these young, innovative, and adventurous businesses, and it definitely helps if the teams emerging have already been reviewed and approved as well as guided through the applicable regulatory standards to bring their therapies to market in Europe, said Jean-Marc Bourez, managing director of EIT Health Services and Investment.
With its extensive grasp of the legislative and cultural backdrop in each European market, as well as its in-depth knowledge of how reimbursement operates in each nation and the intricate criteria surrounding clinical trials, PLG is in a unique position to assist with that, he continued.
This is a very interesting development, which will help solidify the possibilities they have set out for pledging early-stage start-ups trying to target the latest challenges and possibilities at the cutting edge of life sciences, head of access to finance for EIT Health InvestHealth, Isaac Middelmann, commented. Since the two go hand in hand, access to reputable professional services and knowledge is just as important to these start-ups as a monetary investment.