Dr. Simos Simeonidis, Managing Partner and Co-Founder of life sciences VC firm Kos Biotechnology Partners, talks to Business Partners about the promise and future of Greece’s life sciences and biotech landscape and why the time is now to invest in it.
Greece has long produced exceptional scientific talent, much of which has historically built careers abroad. What conditions are needed today to transform Greece into a globally competitive biotechnology hub?
We believe that all the building blocks are in place right now for Greece to start building a strong ecosystem in the life sciences. First, we have a new generation of young scientists who are eager to develop their skills and compete not only in academic research but also in entrepreneurship and the translation of that research into companies. In addition, for the first time, we have dedicated funding for investment in this field, and we have knowledgeable, professional fund managers with experience in the US biotechnology and capital markets arenas who can help make the right investments and then help these new companies grow. We also have, for the first time in decades, a stable political situation, with an administration that believes in and invests in innovation, with a special focus on the life sciences.
All the building blocks are in place right now for Greece to start building a strong life sciences ecosystem
What distinguishes the life sciences from other areas of innovation, and why do you believe this is the right moment to invest in biotech in Greece and SE Europe?
The life sciences are unique compared to other areas of innovation, including the technology sector. The main difference stems from the level of complexity involved: understanding biological processes and solving biological problems to create new medicines is multiple orders of magnitude more challenging than solving problems involved in technology and other less technical fields. Consequently, the amount of time, the level of investment required, and the success rates are substantially different from other sectors. Therefore, the levels of expertise and sophistication required to be successful are exceedingly high. On the other hand, the financial rewards for the few who do succeed are very substantial, and thus the sector has always attracted significant capital. Ultimately, we will always need what this sector produces: new medicines to improve and extend life.
How are AI, computational biology, and data-driven research changing the future of life sciences, and where can Greece position itself within this global transformation?
We believe that the newest advancements in these technologies will substantially improve outcomes across the life sciences because they offer both immediate and future applicability in multiple areas; for example, they bring improvements in the way we design and test therapeutic molecules that are better, faster and cheaper. In addition, AI methods can result in faster and better selection of the right patients in clinical trials, which will, in turn, result in faster drug development and lower associated costs.
On the other hand, we also believe that while AI provide real benefits in the life sciences, it also comes, as expected with most new revolutionary technologies, with a lot of hype and overpromising. Many companies that have been funded will never produce meaningful results and are just benefiting from the current wave of excitement. In this environment, the key will be separating the few viable companies with real solutions from the vast majority of ultimately uninvestable companies.
Based on your international experience, what lessons do you believe are most relevant for strengthening Greece’s research and entrepreneurship landscape?
Greece has a strong, talented young workforce in the fields involved in the life sciences, and particularly in biotechnology—namely physicians, biologists, chemists, engineers, and biostatisticians. What the country is missing, however, is real knowhow in biotechnology—in drug discovery and drug development. We believe that it is imperative to bridge this knowledge gap, and this can only be achieved by engaging real experts from abroad, especially from the United States, which is the current leader in biotechnology, to help bring this knowhow back home.
All the building blocks are in place right now for Greece to start building a strong life sciences ecosystem
There are several misconceptions about Greece’s biotech landscape. We often hear about a vibrant and strong biotechnology ecosystem in the country, but unfortunately, this is not yet the case. People also tend to think, based on a few successes they’ve seen in tech, that this is fairly easy to build. Yet while there are similarities between the two, there are also many significant differences, as mentioned earlier. We have to build the biotech ecosystem from scratch, and this will take time, money, patience, and, most importantly, the right people with the right type of expertise. We strongly believe that this can be done, and that is exactly why we are investing here.
What value does joining AmCham Greece bring to you, and how can such platforms help foster stronger connections between innovation, investment, and transatlantic cooperation?
Our decision to join AmCham Greece is twofold: First, we know the organization’s senior leadership well and are very impressed by their vision, drive, and professionalism. Second, we believe that AmCham Greece and other organizations like it can serve a very important role in connecting important stakeholders in Greece and the US, bringing new ideas forward, and highlighting potential synergies between them. I believe they can play a pivotal role in catalyzing investment in innovation across both markets.
