Finland is a small but thriving nation of highly developed infrastructure, logistics and a fore-runner in communications and technology. Finland is a safe location centrally located between the east and west and is one of the world’s greatest hubs for innovative technology and a great investor in research and development.
This is especially the case in the field of healthcare and healthcare technology. The country has a free and public healthcare system for all its citizens and is highly digitalized. It is one of the fewest countries in the world to have complete digitalization of all patients records and medical transactions. This makes it a unique location with various features that may interest health tech firms interested in product development in the health tech sector.
Finland is rated the best in the world for its free and top-notch education system. It provides free schooling and university education and is highly focused on technology and life sciences in higher education. A large number of Finnish students and graduates are skilled in ICT skills, research and development and are highly analytical.
Because Finland is a small country, doing international and global business is fundamental for the country and the majority of the youth in Finland speak excellent English along with multiple European languages and most businesses and workers are experienced in international trade and cross-cultural work set-ups.
Finland has over 350,000 professionals in the ICT sector, over 29,000 in the life sciences field and over 40,000 R&D professionals. The labour cost in Finland is economical compared to many other tech hubs in the world like Germany, USA, UK and Israel. C
Testing Environments, University Hospitals and Clinics
Finland offers excellent platforms and testbeds for pharmaceuticals and other health-related businesses. It is very common for universities, hospitals and clinics to collaborate with health-related companies to test their products and solutions. This country has been rated the world’s best in University-Business collaborations.
Finland is among the seven only countries in the world that export more health technology than it imports. This means that Finland is a hub for health tech innovation and the world’s latest and best in health care technology finds its origins in Finland.
Centers of Excellence
The health tech ecosystem is extremely conducive towards supporting innovation in many different ways. Companies that establish themselves in Finland have access to R&D sites and Centers of Excellence by corporate giants, universities and government-backed organizations. In the corporate sector, major players such as Bayer, GE Healthcare, Thermo Fisher Scientific and others have set up centers of excellence, and these are accessible to small companies.
Businesses can also access laboratories and testing centres with up-to-date and end-to-end equipment without investing in their own equipment and machinery by collaborating with universities and hospitals.
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. A Finnish act also allows for the donor to be recalled for research purposes. Hence, this makes it an ideal location for long-term research and testing and due to the high trust in the government, Finnish people are ready to co-operate with them and with companies.
The population is also homogenous and most importantly – data regarding health and the population is completely digitized including 100% penetration of the population health records. Companies can access and gather data from such records which can help develop and refine their products and solutions.
Opportunities in Finland
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 can find a stable environment, collaborative ecosystem and high degree of technological innovation within arms reach.
For global health tech companies, the advantages in the form of skilled talent, highly developed technology and infrastructure make it a hot-spot for research and development in the health care sector.