Innovation Key to Swiss Financial Restoration After COVID-19 Downturn | Investing Information

ZURICH (Reuters) – Innovation has been a driving drive behind Switzerland’s monetary success in recent times, and will probably be important for its publish COVID-19 financial restoration.

The nation has the world’s highest R&D spend per capita and was the top-ranked nation within the International Innovation Index, primarily based on indicators together with investments, patent purposes and high-tech exports.

After posting its steepest ever quarter-on-quarter decline in GDP on Thursday, a authorities economist mentioned innovation will probably be a key driver for its restoration.

“Switzerland does not have any oil fields, however now we have brains,” mentioned Swiss Nationwide Science Basis spokesman Christophe Giovannini. The SNSF distributes 1 billion francs a yr to analysis initiatives.

“Schooling, growing the minds and abilities of younger individuals, and analysis and innovation are key to the financial welfare of the nation.”

Kraftwerk Instruments and Novamem are two firms utilizing their abilities to launch new merchandise through the COVID-19 disaster.

Novamem, a maker of separation expertise primarily based close to Zurich, has tailored the plastic membranes it makes use of in water filters to make use of in face masks.

“Launching a brand new product in the course of the COVID-19 disaster was a little bit of a danger, however we thought we will do that,” mentioned Chief Know-how Officer Michael Loepfe.

“We developed and tailored our present water membrane in a single month. We modified the dimensions of the pores throughout the membrane so that individuals may breathe by it.”

The filters are fitted to a washable cotton masks, with their mild weight filters lowering waste.

Kraftwerk Instruments, a Swiss firm producing skilled hand instruments, then began promoting the masks.

They at the moment promote 15,000 filters per week in Switzerland and the corporate is now focusing on Germany, France and Spain, mentioned Kraftwerk Chief Govt Alexander Pieper.

Orders are choosing up and Novamem is trying to develop its workforce from 9 to 11.

“Corona truly enabled us to construct up a second pillar for our firm. We’re solely small in the mean time, however who is aware of what the long run will carry,” Loepfe mentioned.

(Reporting by John Revill; Enhancing by Hugh Lawson)

Copyright 2020 Thomson Reuters.

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