Life science is a key sector with extensive research and development activities. Medicon Valley is a leading bi-national life sciences cluster in Europe, spanning the Øresund Region. Copenhagen is rich in companies and institutions with a focus on research and development within the field of biotechnology, and the Medicon Valley initiative aims to strengthen this position and to promote cooperation between companies and academia. Many major Danish companies like Novo Nordisk and Lundbeck, both of which are among the 50 largest pharmaceutical and biotech companies in the world, are located in this business cluster.