VIB Delivers 12-Fold Economic Return to Flanders, Independent Study Confirms
Ghent, 24 April 2025 – An independent study conducted by BiGGAR Economics shows that VIB remains a key driver of the life sciences innovation ecosystem in Flanders, Belgium and beyond. The study highlights VIB’s substantial economic and societal contributions, strengthening the region’s position as an important leader in life sciences.
In 2023 alone, VIB contributed nearly €1 billion in Gross Value Added (GVA) to the Flemish economy, supporting more than 11,000 jobs. For every €1 of core funding from the Flemish Government, VIB returned €12 in economic impact. This success is driven by VIB’s strength to translate world-class scientific research into products and technologies that benefit patients, industry and society.
Over the past decade, VIB’s economic footprint in Flanders has grown significantly – from €548 million GVA in 2013 to €994 million GVA in 2023. Figure 1 below illustrates this steady growth in economic output.
“VIB’s commitment to research excellence and innovation continues to deliver substantial returns for our society,” says Rik Audenaert, Chief Financial Officer at VIB. “Despite global challenges, VIB has proven to be a resilient engine of sustainable growth for the biotech sector. The Flemish government’s strong backing of scientific research remains vital to this sustained success."
Beyond economic performance, VIB has a profound societal impact – advancing healthcare through innovative treatments and diagnostics for diseases with high unmet medical needs, and contributing to sustainable agriculture by developing bio-based alternatives to fertilizers and pesticides, as well as enabling protein crop cultivation in Europe. These breakthroughs improve wellbeing and environmental sustainability both in Flanders and globally.
VIB also plays an active role in shaping the life sciences ecosystem by launching spin-offs, partnering with global pharmaceutical and biotech companies, and providing dedicated infrastructure for startups. To date, VIB has founded 39 spin-off companies, which together raised nearly €2 billion in equity investment and led to the acquisition of several spin-offs for a total of €4.5 billion1. Its incubator ecosystem, biotope by VIB, was launched in 2022 and hosted so far 63 startups from 25 countries in its basecamp. Biotope Ventures invested in 16 international, diverse biotech founding teams impacting planetary health.
By attracting top-tier talent and foreign investment, VIB strengthens Belgium’s position as an attractive location for life sciences. As of 2023, VIB has helped to attract 17 companies to Flanders, including three established multinationals and 14 emerging biotech firms, which together employ more than 1,000 people in the region.
Since 2018, VIB’s Grand Challenges Program has supported 14 interdisciplinary and translational projects addressing major societal challenges in the areas of healthy living and innovative crop and food production. VIB also supports policy development on emerging topics, including new genomic techniques (NGTs), and has played a pivotal role in setting up independent organizations vital for the biotech sector.
Moreover, VIB’s commitment to public outreach inspires future generations to pursue careers in STEM, fostering a culture of scientific curiosity and innovation.
Graeme Blackett, Director at BiGGAR Economics, commented: “VIB clearly understands that achieving its dual mission – scientific excellence and economic impact – depends on the strength of the innovation ecosystem it operates in. Without all parts functioning effectively, the system as a whole cannot deliver. What makes VIB stand out is its ability to translate this understanding into action, generating significant societal benefits, from advancing healthcare and improving wellbeing, to driving sustainable innovations in agriculture. These benefits extend beyond Flanders, creating value for society and the environment globally.”
1 Source: BiGGAR Economics Analysis
2 These figures reflect the most recent data available to VIB. They may differ from the amounts stated in the impact study report, which only included data up to end 2023.
Lies Vanneste
Notes to the Editors
2024 Annual Results
VIB’s 2024 annual report and full-year financial results are published today, and can be accessed here.
About the Independent Study
The study was commissioned by VIB and conducted by BiGGAR Economics to evaluate VIB’s economic and societal impact between 2019 and 2023. It integrates data from VIB, partners, published reports and official statistics to assess employment (FTE), GVA, and social contributions using the OECD Better Life Index. The report further explores VIB’s alignment with Flemish Government strategies, including Vision 2030, Vision 2050, and the Transition Priorities.
The full report is available upon request.
About BiGGAR Economics
BiGGAR Economics is a leading economic consultancy, based in Edinburgh, Scotland. Over the last 20 years, BiGGAR Economics has undertaken economic and social impact studies of more than 200 European universities and research institutes. Previous experience in Flanders has included several university economic impact studies and an assessment of the economic impact of all members of De Vlaamse Interuniversitaire Radd (VLIR), as well as a previous study on the economic impact of VIB.
BiGGAR Economics has also undertaken economic and social impact assessments of leading institutes in other countries that are regularly ranked amongst the most innovative global economies, for example, Switzerland, Finland, the Netherlands and the UK. This means that they were well placed to consider the economic and social impact of VIB and the innovation system in which it is centred, in the context of leading international competitors.
Learn more at biggareconomics.co.uk
