Finland has potential to be the future Health care Innovation Hub
Finpro´s report: Finland has identified its strength in four health ecosystem assets: medical research, health technology, health data and clinical co-creation. Now the Finnish health industry is inviting more investors into its innovative ecosystem, and boosting its SMEs’ export growth.
The global transformation of the health sector provides an opportunity for Finland to build a globally recognized healthcare innovation hub. Finpro’s research explores this opportunity and has identified the health industry key assets. Finpro has collaborated with 100 health industry organizations to formulate a joint goal and recommendations for the development of the Finnish healthcare ecosystem.
The health sector is shaped by global trends which drive the need for new approaches for care, opening up new commercial opportunities for the industry and for countries to create development hubs which combine several key competencies.
- In Finland, we want to strengthen the growth-stimulating business environment that creates opportunities for foreign investment into Finnish companies and research. The aim is to make Finland a world-class healthcare innovation center, explains Finpro's Health sector director Nora Kaarela.
Finpro’s Future Healthcare Innovation Environment of Finland -report provides lots of additional, concrete recommendations by the industry for the implementation of the Finnish Health Sector Growth Strategy.
- Purpose of the project was to formulate recommendations for the Finnish health industry, academia and public sector in order to build a health sector ecosystem and business environment that connects and aligns all key stakeholders around financing, infrastructure, competencies and commercial activities, says Oliver Rittgen, CEO of Bayer Nordic SE & Chairman of the Way Forward Steering Group.
- Digitalization is revolutionizing healthcare. Foreign investors are very interested in Finnish companies that provide healthcare solutions which increase the opportunities for patients to stay at home. The demand for mobile health services is constantly increasing, and thus investors are now looking for the industry's most innovative companies in Finland, says Pirjo Kortteisto, the Director of the Team Finland Health Growth Program at Finpro.
Four focus health assets combine Finnish strengths in life sciences and health technology
The research finds that Finland should focus on building a healthcare innovation hub by advancing the four identified health ecosystem assets that Finland has in medical research, health technology, health data and clinical co-creation. The project created over 80 concrete recommendations.
Top-class disease pathways expertise to translate scientific discoveries into commercial development projects - Finnish national drug research center
Finland is considered to have globally recognized knowledge and researchers in certain disease mechanism areas such as metabolic, neuroscience, oncology, and cardiovascular which are one of the primary sources of new drug and disease diagnostics development and hence entail considerable commercial potential from an ecosystem viewpoint.One of the recommendations in the report is to establish a national drug research center to focus on applied medical research.
Technological know-how and engineering capabilities to provide innovative digital health technology solutions – Match-making program
Finland has strong capabilities in many technological application areas such as wearable devices and sensor technology, IVD, monitoring and imaging supported by information and wireless communication. A mature digital infrastructure, a lively start-up environment, and established capabilities in medical technology and engineering provide a strong basis for the development of digital health solutions. One of the aims is to establish a reference program, which helps to connect the innovative care needs of healthcare providers with companies’ R&D and testing needs more easily.
High quality health data for R&D investments - Simulation center for clinical trials
Finland is considered one of the leading countries with high-quality and comprehensive health data in digital format driven by its universal healthcare system, universal identification number and innovative legislation. Finland has the unique ability to combine biological sample data with patient records, national registries and other phenotype data. Establishing a simulation center for clinical trials is recommended.
Clinical collaboration - Clinical Development Alliance
Finland’s high quality care system with its uniform standards and universal access can provide a strong platform for product development, testing and clinical evidence gathering in a real-life environment. There is a wide range of stakeholders available for collaboration, and solutions developed will likely be applicable to a wide range of service providers world-wide. The report recommends creating an industry consortium to define the requirements for collaboration, as well as to model and implement them in cooperation with healthcare providers.
According to Finpro’s Future Healthcare Innovation Environment of Finland -report these key assets and identified recommendations will contribute to the common goal of Finland becoming a globally recognized health care innovation hub.
Finlandhealth.fi brings Finnish health industry experts together
Finpro has brought all Finnish health sector players in an easy to find format on one site. Finlandhealth.fi site can be found on Finnish innovations and research in the field and are constantly developing new, interesting articles.
- The idea is that the Finnish comprehensive health expertise can be found in one place. The community already includes more than 200 companies and other organizations in the health sector and it is continuously growing. Investments are needed, and this is one way to support foreign investors and other stakeholders to identify potential Finnish companies and know-how, says Pirjo Kortteisto.
Finland: #1 Qualified engineers (Source: IMD World Competitiveness Yearbook 2014)
#1 IN ACCESS AND USAGE OF eHEALTH (Source: Currie & Seddon; Information Management 51 (2014) 783-797)
The partner in the realization of this project has been EY Life Science experts. The results of this project has been announced at SLUSH side event on the 30th of November, 2016.
More information: Nora Kaarela, Director,Health industry, Finpro, 0400 897 020, nora.kaarela(a)finpro.fi
Finpro helps Finnish SMEs go international, encourages foreign direct investment in Finland and promotes travel to Finland. Finpro is a public organization consisting of Export Finland, Visit Finland and Invest in Finland. Our 240 professionals work in 37 offices in 31 countries abroad and 6 offices in Finland. www.finpro.fi