Health has become a hot topic within tech circles across the globe, and the number of digital health companies is increasing like a flash.

Global trends are shaping the health sector, which generates supply for creating new healthcare solutions and approaches. Hence, new business opportunities are opening, especially for countries that hold several key competencies.

Ecosystems that can conduct health data based R&D and develop new health technology solutions in collaboration with existing care providers and companies are well positioned to react to the health trends and thus can seize the business opportunities.

Ranked as one of the top three health technology economies in the world (with digital health is its largest high-tech export), Finland fits the profile well.

Finland Has the Most Digital Health Startups Per Capita in the World.

Digital health startups are growing in Finland at high speed. According to some points-of-view, the country is already considered as an innovation hub in health care, with a focus on digital health. Why is Finland becoming a world-class leader in healthcare?

Finland’s health care is considered world-class, and it is available for all residents of the country. Taxes principally fund the health system, meaning that public healthcare in Finland is not entirely free, but charges are very low.

The Finnish healthcare system provides comprehensive, healthcare of high quality, ranging from primary to specialized medical care and from newborn care to services for the elderly. In many ways, Finnish healthcare is considered state-of-the-art among the OECD countries.

An extensive number of private specialized medical care providers is complementing public healthcare. Health-tech accounts for almost half of Finland’s high-tech export and, in fact, the country is becoming a leading country in personalized healthcare.

The strong networking culture that values collaboration and the high level of R&D funding facilitate the creation of new healthcare innovations. Ranked as the world’s most innovative country, Finland has produced a range of healthcare solutions that are in global demand.

Pinpointing the Finnish virtues That Can Bring Growth and Innovation to the Health Sector

Finland is part of the 10% of countries that are exporting more health tech than importing. According to some estimates there exist more or less 500 companies (employing more than 20 000 people), that are active in the health industry.

Partnerships between the public and the private sector are at the core of the development. Finland has invested in the health sector for many decades, and it has always supported growth companies through various funding programs. As mentioned earlier, the health sector has a strong foundation in research, product development as well as innovation, which require specialized proficiencies.

Growth was slow back in the days when the country lacked networks and collaboration. Now, many initiatives are launched with the aim to support business development. Industry players are joining forces to establish Finland as an internationally renowned forerunner in health research, innovation, new businesses and more.

This opportunity has been recognized by the Finnish Government, and a Health Sector Growth Strategy for research and innovation activities has been implemented, with an extensive roadmap reaching until the end of 2018. One of the critical priorities of the Finnish Government is to boost growth and innovation in the health sector. Getting the right people from public and private areas working together will result in success.

According to E&Y’s project ‘The Way Forward,’ Finland should focus on building a hub for healthcare innovation by advancing four health ecosystem assets that Finland has in medical research, health technology, health data and clinical co-creation. Finland should leverage to its significant advantage in the following four areas:

1. Top-class disease pathways expertise to translate scientific discoveries into commercial development projects

2. Technological know-how and engineering skills to provide innovative digital health technology solutions

3. High-quality health data for health data based R&D investments

4. Robust collaboration environment between care providers and the industry for active co-creation in a testbed for health innovations

Cornfield & Partners can help you with health technology opportunities in Finland or in other cities. To find out more about potential business opportunities, contact info@cornfieldpartners.com or you can call us on +44 (0) 20 7692 0873

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