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Health Industry Report 2015

 

Health Industry Report 2015

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Health technology is a growing industry in Finland and all over the world. According to FiHTA’s Finnish Health Technology Trade 2014 Report, the export of health technology grew 8,3% in 2014. Finland exports more health technology products than what it imports with an average growth of 7% from 2006 to 2010.

To better understand and promote the health tech ecosystem in Finland we made an industry report using data collected from 59 startups in the field. The data we collected allows us to better understand what kind of companies the industry consists of, what difficulties the startups are facing and help us to get a glimpse into the future of the industry. The results of the survey will be made public beginning of autumn but here is a little sneak peak as to what info the survey will offer:

  • Health tech clusters around Finland
  • Type of solutions offered by the startups
  • Public vs private funding
  • Going to international markets
  • Supporting organizations
  • Industry challenges
  • Future of the industry

“The significant changes required for innovation home-grown from Finland would be in public healthcare culture of change and especially in speed of trying something new not yet widely adopted. This is the fuel required for start-ups to launch their products and services abroad.”

  • Comment by a startup answering the survey

“It is very important for these startups to understand that they are operating in a discipline that has many different corners and is a collaboration of different parts. You are involved with so many different players that it is absolutely necessary to know outside your business area.”

  • Interviewee on why it is important to have people from different backgrounds

“Overall, Finland is improving in terms of providing a good platform for health related companies. There still needs to be a focus to bring value for the startups, in terms of financing opportunities and also formation of platforms that are feeder programs for Finnish companies to find new pilot projects and reference markets. New innovations will be found using Finnish gaming expertise as the basis for hardware devices – this relationship should be harnessed. “

  • Comment by a startup answering the survey

“Until now the manager has waited until the problem is big enough to spend tens of thousands on solving the problem. But we are telling him we will give him technology to find the problem before it becomes a big issue. But in the end for them it’s either they have constantly problems or they’ll never be able to demonstrate to their supervisors they’ve solved the problem. It’s very difficult to calculate the value of prevention. It’s easier to calculate the value of either problem solving or offering improvements.”

  • Interviewee on preventing health problems from arising and why it’s difficult to make people understand the importance of prevention

“Finnish startups are great in their technology, they know their technology throughout, but we still have a lot of work to do in the realm of marketing and how to brand ourselves, how to talk about ourselves in a way that is enthusiastic and that encourages listener to jump in and get excited about the idea.”

  • Interviewee on the competitiveness of Finnish companies
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