Scaling Health Innovation: Academic Origins and Global Growth in the Oculis Journey

This paper explores the transformation of Oculis, an Icelandic biotech company, from an academic research initiative into a publicly listed pharmaceutical firm on NASDAQ. Drawing on four in-depth interviews with the company’s scientific founders, an early-stage investor, and a senior executive, the study examines how health innovations are scaled through a deliberate interplay of identity transformation, strategic financing, regulatory engagement, and global team building. Using a qualitative case study approach, the paper identifies four central themes: 1 the shift from academic to entrepreneurial identities; 2 the use of phased investment and strategic partnerships to support growth; 3 regulatory navigation, especially engagement with the U.S. FDA, as a tool for institutional legitimacy; and 4 the development of a decentralized, cross-cultural leadership team. Situated within the literature on health care entrepreneurship, academic spin-offs, and institutional theory, this case contributes new insights into how science-based ventures can achieve credibility and scale in highly regulated, global markets. The findings underscore the importance of hybrid leadership, legitimacy-building narratives, and cross-sector collaboration in successfully commercializing scientific research.