EIB supports Össur for R&D of new solutions in prosthetic, bracing & supports

Össur’s research and development addresses the ongoing and unmet global needs for improved prosthetics and bracing & supports the technology.

The European Investment Bank will support Össur, an Icelandic medical technology company and lend EUR 69 million for research and development of new, innovative solutions in prosthetics and bracing & supports, expected to improve quality of life for millions of mobility-impaired people around the world. The EU Bank's investment in Össur is guaranteed by the European Union's InnovFin Emerging Innovators facility under the EU Framework Programme for Research and Innovation, Horizon 2020.

Össur's research and development addresses the ongoing and unmet global needs for improved prosthetics and bracing & supports the technology. The company's products are designed to improve mobility and quality of life for people living with different medical conditions, from amputations as a result of diabetes or vascular diseases, to those mobility-impaired as a consequence of trauma.

The EIB loan to Össur will be utilized in the product development cycle from the evaluation of initial concepts to clinical trials and patent registration. At the same time, the loan will increase the global knowledge and know-how in the area of prosthetics and bracing & supports and facilitate knowledge exchange between relevant research institutes and universities around the world.

Thomas Östros, Vice-President of the EIB, said: "The European Investment Bank is particularly proud each time we are given a chance to support innovative European companies and improve the quality of life for people, especially those impaired. Our support for Össur's research and development blends European financing and innovation to deliver products the entire humanity can benefit from. As the EU bank, we will keep supporting European innovators to help maintain Europe as a global leader in R&D, innovation and quality of healthcare."

Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education, and Youth, said: "Innovation can provide new solutions for people with disabilities and improve the quality of their lives. This investment will help develop innovative solutions for people with impaired mobility, leading to a more independent lifestyle."

Blending of the EU guarantees through mechanisms such as InnovFin and the EIB finances allows European companies to further invest in R&D activities and maintain their global, long-term competitiveness through the high quality of their R&D and knowledge, as well as highly skilled staff. Close to 60% of Össur's employees are based in Europe.