Helsinki’s Algorithmiq wins €1.7 million Prize for Quantum-Enabled Light-Sensitive Cancer Drug Discovery. 

Quantum software company Algorithmiq has become the sole winner of a $2 million prize by Wellcome Leap for being the first and only contestant to successfully demonstrate quantum computing’s potential to simulate complex therapeutics, unlocking a credible path to near-term quantum advantage in health. 

The company secured this prize for being the first and only contestant to demonstrate quantum computing’s potential to simulate complex therapeutics, thereby opening a credible path to near-term quantum advantage in health. 

According to Towards Healthcare, the photodynamic therapy market is projected to experience significant growth, with estimates suggesting the market size will increase from USD 5.9 billion in 2026 to approximately USD 12.71 billion by 2035, representing a compound annual growth rate (CAGR) of 8.9% from 2026 to 2035. Growth is driven by the increasing prevalence of cancer and skin disorders, the preference for minimally invasive treatments, and the advancements in technology and photosensitizers. The market growth is particularly notable in the oncology sector, where PDT is increasingly adopted for treating non-small cell lung cancer, head and neck cancers, and other types of skin cancer. 

CEO and Co-Founder of Algorithmiq, Dr Sabrina Maniscalco, said It is the first and only team in Q4Bio to deliver a scalable end-to-end computational framework that combines quantum computing and AI for real therapeutic problems, demonstrated on up to 100 qubits. It shows that quantum computing can already tackle scientifically meaningful drug-development questions under real hardware constraints. 

About Algorithmiq 

Algorithmiq is a company based in Helsinki, Finland, that specializes in developing quantum algorithms to address complex problems in life sciences and drug discovery. It aims to leverage the power of quantum computing to solve previously intractable problems, such as discovering new drugs and materials. 

Their mission is to revolutionise life sciences by exploiting the potential of quantum computing to solve currently inaccessible problems. The company combines expertise in quantum information, complex systems, and computational physics to develop algorithms that run on near-term quantum devices to discover new drugs and develop new materials. 

The collaboration with IBM and the Cleveland Clinic further underscores the transformative potential of quantum computing in healthcare. This milestone not only advances photodynamic therapy but also opens doors to other light-dependent therapies. 

A recent report by Towards Healthcare highlights that the photodynamic therapy market is witnessing growth due to the increasing prevalence of skin cancers, age-related macular degeneration, and other conditions treatable with PDT. The development of novel photosensitizers with enhanced tumor targeting and improved light delivery systems is further accelerating market expansion. With increasing investment in the development of new treatment modalities, it is expected to overcome these obstacles and drive continued growth in the forecast period.