ProductLife becomes partner in upholding regulatory and compliance across life sciences
ProductLife Group (PLG) – a provider of regulatory and compliance services for the life sciences industry – has become part of EIT Health’s regulatory hub, the Venture Centre of Excellence (VCoE).
EIT Health will consequently recommend PLG to those early-stage biotech, medtech and digital health start-ups requiring support to accelerate their journey to market through the VCoE programme.
The role of the VCoE is to increase and accelerate market opportunities across Europe, by matching young companies with the necessary funding, professional services expertise and contacts. The wider aim is to make Europe a more attractive and lucrative market for a new generation of life sciences start-ups, whether they are entering the market for the first time or looking to expand their activities in other continents.
Indeed, when the European Commission announced its €150m anchor investment into the programme in October 2020, it set out an ambition to facilitate 2 billion euros in investment whie bringing 200 fledgling start-ups to market over a period of 15 years.
That investment level has already been achieved and more than 60 start-ups have already benefitted, including those emerging from university laboratories.
Jean-Marc Bourez, EIT health services and investment managing director, reflected: “Our corporate and VC members are keen to support these young, innovative and ambitious companies, and it helps enormously here if the teams coming forward have already been vetted and guided through the relevant regulatory requirements to bring their therapies to market in Europe.”
“PLG is ideally placed to help with that, with its rich knowledge of the regulatory and cultural context in each European market, and its detailed understanding of how reimbursement works in each country, as well as the complex respective requirements around clinical trials,” he added.
Isaac Middelmann, head of access to finance for EIT Health InvestHealth, concluded: “This is a very exciting development, which will help cement the opportunities we have set out for promising early-stage start-ups targeting the latest challenges and opportunities at the cutting edge of life sciences.
“Access to trusted professional services and expertise is as critical to these start-ups as a financial investment, as the two go hand in hand.”