Biobanks, Elite Talent and University Collaborations: Opportunities for Pharma and Bio Research in Finland
Finland possesses a number of strengths in the domains of health and technology. It’s collaborative and advanced business ecosystem, highly qualified talent and excellent R&D structure makes it the ideal launchpad for globalization. Indian pharma and health tech companies can intensify their business growth by leveraging these advantages.
The health tech ecosystem is extremely conducive towards supporting innovation in many different ways. Finland has a heritage of collaboration within its ecosystems and government bodies, businesses, universities and healthcare organizations work together to advance the growth of healthcare technologies.
Finland’s health tech ecosystem has been recognized by major companies around the world and they have set up their operations and R&D centres in Finland. Giants Bayer, GE Healthcare, Thermo Fisher Scientific and more have set up R&D sites and Centers of Excellence in the country. Hence Indian pharma and health tech companies can benefit from expanding to Finland by accessing these sites and tools.
Another strong feature of the Finnish ecosystem is the cooperation between universities and hospitals, and companies. Hence, businesses can tie-up with hospitals, clinics and universities to carry out testing and clinical trials.
There are many investors in Finland, both private and government bodies. The Finnish government bodoes VTT, Tekes, Sitra and others and many private investors offer aid and financial support for innovative companies with a solution that is unique and global. The role of these investors is significant within the ecosystem and companies can leverage this to develop world-class level solutions.
Finland has the best education system in the world and fosters highly skilled and technologically savvy people. Finnish people are experienced with global business and the majority of the young workforce speak English.
Finland has over 350,000 professionals in the ICT sector, over 29,000 in the life sciences field and overe 40,000 R&D professionals. . The labour cost in Finland is economic compared to many other techhubs in the world like Germany, USA, UK and Israel. Companies considering setting up in Finland will get the best talent at affordable rates.
Testing Environments University Hospitals and Clinics
Finland is the second best in the world for University-Business collaborations.
Finland offers excellent platforms and testbeds for pharmaceuticals and other health-related businesses. Finland has a long history of collaboration within their ecosystem; universities, hospitals and clinics collaborate with health-related companies to test their products and solutions. This is especially important and useful to pharma and health-tech companies because Finland has a 100% penetration of the population regarding digital health records and information. Hence companies and research institutes can find that getting data and relevant results are highly possible in Finland.
Finland is also among the seven only countries in the world that export more health technology than it imports. This indicates a high degree of technological advancements and efficiency that is world-class. Indian companies can greatly benefit from being a part of such a system.
A singular feature of the Finnish health scene is the Biobank in Finland. Finland has gathered over 50 years of tissue samples and continues to do so. This is also valuable as Finland is an extremely homogenous country with the vast majority of the population belonging to the same ethnic and biological group. Companies can conduct valuable research with access to such a biobank and formulate solutions.
A Finnish Act also allows for the donor to be recalled for research purposes, enabling long-term research. One of the most significant features of Finland is that data regarding health and the population is completely digitized including 100% penetration of the population health records. Finland is the only such country with this combination of factors, and this offers health-tech and pharmaceutical companies immense value in doing their R&D in Finland.
The Logical Location Your Business Set Up
Finland offers the best setup for clinical trials, genomic research and developing precision medicine. Companies specializing in genomics, imaging, wearables, sensors, hospital IT solutions, diagnostics and more will discover great value in expanding to Finland. The stable environment, collaborative ecosystem and high degree of technological innovation in health ensure a company’s acceleration to the global arena with a competitive edge.