At the end of 2022, the Ministry of Economics launched the state research program "Innovation Fund - Industry Research Program".  

The aim of the program is to promote scientific research and promote technology transfer, development of innovative and commercialized products and technologies, according to industry demand in the two Smart Specialization (RIS3) areas: "Biomedicine, medical technologies and pharmacy" and “Smart Materials, Photonics, Technologies and Engineering Ecosystems". 

Within the framework of the program, two projects have been supported and are being implemented till the end of 2024, with the allocated funding for each project 5.7 million euro

  1. project in Biomedical, Medical technologies and Pharmaceuticals, project lead partner Latvian Institute of Organic Synthesis. The aim: the development of national biomedicine research platform addressing public health challenges in RIS3 area “Biomedicine, medical technologies and bio-pharmacy”; 
  2. project in Smart Materials, Photonics, Technologies and Engineering Ecosystem, project lead partner Institute of Solid State Physics, University of Latvia. The aim: to establish a co-creation ecosystem to foster development in RIS3 sector of "Photonics, smart materials, related technologies, and engineering systems" based on scientific breakthroughs and commercialization in Latvia.