Finland to become the Global Innovation Hub in Health
The only way is forward. This is what over 100 organizations – both public and private – in the Finnish health sector believe in.
I’m a believer, too.
The Way Forward report, newly announced at Slush, proves the power of collaboration. Finland’s leading experts across fields from industry to academia put their heads together and set out to pinpoint Finnish virtues that will bring growth and innovation to the health sector. The report is an emblem of this joint mission.
Above all, we wanted to figure out how to harness the unique Finnish strengths into innovation – and what kind of concrete action should be taken to realize their potential.
Finnish government is with us on the venture, too, as stated by Petri Peltonen, Under-Secretary of State at the Ministry of Employment and the Economy:
"One of the key priorities of the Finnish Government is to boost growth and innovation in health sector. Success is all about getting the right people from public and private sectors working together."
It is possible for Finland to grow into a world-class healthcare innovation hub over the course of the next few years. This is how it will be done.
A) Taking cutting-edge research even further
Finland is already globally recognized for our knowledge and research in certain disease areas like oncology, cardiovascular and metabolic disorders and neuroscience. Thanks to systematic public funding we have been able to create better and ever more specialized treatments. One of the ways to further advance this asset is to establish a national drug discovery center focused on applied medical research.
B) Finland – The land of a thousand engineers
Fun fact: Finland has more engineers per capita than any other country in the world. Maybe that is the reason we are trailblazers when it comes to know-how in information communication and digital infrastructure. Innovation is created when top-notch product development occurs in the right place at the right time, meeting real demand. That is why we need to build an effective co-creation environment for health technology development – by for example launching a specific technology program.
C) World class health data highlighted
We are also one of the most advanced countries for health and welfare population data. We have ample sets of intelligible biological and digital health data from our comprehensive population and patient registers – and the infrastructure and legislation to support its use in research. To translate these advantages into new international innovation we recommend developing a simulation center for clinical trials.
D) A close-knit network of clinical co-creation
The Finnish healthcare system is among the very best globally. We have a long history in close-knit collaboration between industry and academia when it comes to clinical development of innovative healthcare solutions. No man is an island – why not work together even more? We aim to create an industry consortium to define mutual requirements and common ground between different parties.
All in all, Finland’s way forward lies in embracing change. Ecosystems that focus on developing new solutions with healthcare providers instead of shying away from technological change will be the leaders of tomorrow.
Read more about Finnish innovation ecosystem and opportunities on the Way Forward report here.