Facing a scarcity of land, Denmark is setting its sights on the high seas to create more space for its burgeoning life sciences industry to grow.
According to The Guardian, the Danish government is moving ahead with plans to build nine artificial islands off the coast of Copenhagen for roughly $480 million. The government says the new islands will have enough space for about 380 new companies, creating 12,000 new jobs.
The region near Copenhagen and its bordering area with Sweden is already home to about 350 pharma and biotech companies, and is known as Medicon Valley.
For Denmark, the islands are part of a broader plan to bolster its life sciences industry. The government is also planning to improve the country’s R&D infrastructure, enhance its medicines agency and recruit more life sciences talent.
If approved, the Danish government could begin work on the islands in 2022. The government predicts that it will take about 18 years to complete the project.
Read the full report.