Finland is the most advanced digital economy in the EU according to DESI* 2022 and Finnish health technology is globally renowned. While Finland’s population is relatively small, its strengths lie in the quality of its healthcare system, research infrastructure, and regulatory environment. The ability to conduct well-designed clinical trials and develop technologies in such an environment can lead to faster, more efficient development cycles and successful market entry, despite the size of the domestic market. Additionally, successful innovations in Finland can serve as a springboard for expansion into larger global markets.

*The Digital Economy and Society Index (DESI)

8 reasons to Finnish MedTech companies’ success

1. Finland boasts a high-quality healthcare system with advanced infrastructure and skilled healthcare professionals. This provides an ideal environment for testing and implementing new medical technologies.
2. Well-established and transparent regulatory environment makes it easier for medtech companies to navigate the regulatory processes required for clinical trials and product approvals. Efficient regulatory pathways can accelerate the development and commercialisation of medical technologies.
3. Universities, biobanks, hospital districts, and several international pharmaceutical companies collaborate and invest in digital health infrastructure, creating a supportive environment for the development of healthcare technologies. This includes electronic health records, telemedicine, and other digital solutions that can facilitate the integration of new technologies.
4. Finland has a highly educated and skilled workforce, including professionals in healthcare, engineering, and technology. This talent pool is essential for the development, testing, and implementation of innovative medtech solutions.
5. While Finland has a relatively small population, its proximity to other Nordic and European markets provides companies with access to a larger patient pool for clinical trials and a broader market for commercialisation.
6. The Finnish government actively supports research and development initiatives, offering grants, funding, and other incentives to promote innovation in various industries, including healthcare and medtech.
7. Finland is known for its commitment to ethical and transparent practices, which is crucial in clinical trials and healthcare research. This reputation enhances the credibility of studies conducted in the country.
8. Finland actively engages in international collaboration and partnerships, allowing medtech companies to benefit from global networks and expertise.
    

Sources: The Digital Economy and Society Index (DESI), FinnGen, Sailab – MedTech Finland ry, ITA .

Investing in MedTech startups

Startups in the MedTech industry often bring innovative solutions to healthcare problems, offering the potential for significant advancements in medical technology. 

The demand for new and improved medical technologies is consistently high as the healthcare industry seeks solutions for better diagnostics, treatment, and patient care. Emerging technologies may address unmet needs in the market creating opportunities for significant growth. Successful MedTech startups that bring disruptive technologies to market can yield high returns on investment, especially if the company is acquired by a larger healthcare corporation.