A new research report shows results from HealthTech Nordic 2.0 during the project period, 2020-2022, confirming 788 jobs created among companies in the Öresund-Kattegat-Skagerak region. Although the project has been conducted in a very challenging time, HealthTech Nordic has managed to drive technology, business, and sales development among the member companies – with the common goal of changing how the world cares.

HealthTech Nordic aims to unite pioneers in the field of healthtech and to create international competitiveness for the member companies. Since the first project started in 2017, 1 700 new job has been created. During the last three-year project, which ended in autumn 2022, 788 new jobs are confirmed in the region of Öresund-Kattegatt-Skagerrak. This despite major challenges in the world due to the covid 19 pandemic.  

Mikael Hilmersson, Professor of Business Administration at the University of Gothenburg in Sweden, is ranked as one of the world´s five most prominent researcher on issues related to the internationalization of small and medium-sizes companies. As a scientific reviewer, Mikael Hilmersson has followed and evaluated HealthTech Nordic throughout the project period 2020–2020. In his final report, Mikael Hilmersson highlights an increasing international expansion among members in parallel with the emergence of the next generation of innovative companies. The member companies are currently selling in more than 30 countries and sales are taking place on all continents of the world, except the Arctic and Antarctica.

– The Nordic healthtech movement has an international shining force where we can see that HealthTech Nordic has grown into one of the strongest nodes in the world. Despite the challenges as a result of the covid 19 pandemic, the project has been very successful and has also acted as a safe haven during a turbulent time. In addition to contributing to the development of member companies, it has offered security and support during the pandemic, Hilmersson notes.

HealthTech Nordic aims to contribute to a democratisation of healthcare where everyone can get more health for their money. The project, which ended in the autumn, has focused on member companies ‘growth and scale their solution globally, with the ambition to make the Nordic region a world leader in digital health solutions. Mikael Hilmersson explains:

– To grow both nationally and internationally, companies need to establish a position in relevant networks. HealthTech Nordic and its members have together achieved an international visibility that in turn makes them attractive to international investors. In addition, a platform has been developed with the aim of creating contact interfaces between the member companies and the investor networks that each partner has established.

In the coming years, healthtech innovation and adoption is expected to increase dramatically, both in the Nordic region and internationally. A new three-year project period, HealthTech 3.0, started in early autumn 2022, with the aim of further strengthening companies’ innovation and competitiveness as this happens. Interventions within the project will be tailored based on where and with whom member companies have the greatest potential to succeed.

– As the Nordic region can and wants to be in the forefront globally, HealthTech Nordic 3.0 will build pan-Nordic groups with pioneers in healthcare for knowledge transfer, innovative collaborations and inspiration, says Marianne Larsson, Project Director of HealthTech Nordic.

The Ukrainian project Diia.Business won the European Enterprise Promotion Award (EEPA) 2022. Diia.Business is the first Ukrainian national project for entrepreneurship and export development. HealtTech Nordic came in joint second place and is ranked as one of the top EU-funded projects of 2022.

Since 2006 the European Enterprise Promotion Awards has rewarded those who promote entrepreneurship and small business at the national, regional and local level. Projects from across Europe compete in six categories and HealthTech Nordic came joint second in category four: Supporting the Internationalisation of Business. Ahead of the award ceremony on 29 November 2022, 186 projects from 26 countries have been evaluated.

Diia.Business covers the entire business development cycle, from finding an idea to its internationalisation, including participation in international trade events. The project has two components: an online portal and an offline network of 12 support centres for entrepreneurs. The total coverage of the online component of the project is more than 3.2 million visits. The total coverage of the network of support centres for entrepreneurs is more than 40,000 visitors.

In July, the Swedish Agency for Economic and Regional Growth nominated HealthTech Nordic 2.0 for the European Enterprise Promotion Award for its job creation. In September, the European jury announced that the project had advanced to the finals.

– The whole HealthTech Nordic community congratulates Ukraine for the award. They are truly worthy winners. At the same time, we are incredibly proud to come in joint second place. We are among the top EU-funded projects of 2022. In HealthTech Nordic we do everything we can to support these entrepreneurs and accelerate their business internationalisation and expansion globally. Our members are growing, creating more jobs and expanding their businesses. Together we are changing the world, says Margareta Wallentén, Project Manager for HealthTech Nordic.

A new study has analysed data from healthtech companies to test whether it is possible to measure the societal impact, based on the solution’s impact on quality of life. The used method is already well established within other areas, and the analysis indicates an application of the method has a big potential. The study – which shows new ways to measure effects of health-tech solutions – will be presented at the HealthTech Nordic International Conference the 8^th of September in Copenhagen.

The analysis was commissioned by HealthTech Nordic and aims to translate results from clinical studies to quality-adjusted life years “QALY”, which can be used to evaluate and compare different medical interventions. The method can also be useful in cost-effectiveness analyses and has, for example, been use for a long time by the pharmaceutical industry and healthcare providers when deciding what medicines may cost for the benefit they provide.

The method has, for example, been used for a long time by the pharmaceutical industry and healthcare providers when deciding what medicines may cost for the benefit they provide.

The idea of the study is to try to find a widely accepted, standardized and scientifically accepted way of evaluating the societal effect – also when introducing digital technology in the healthcare. Could it facilitate decision-making and contributing to a way of measuring the aggregate effects in society of introducing digital health technology.

– We wanted to explore new ways of measuring what effects health tech solutions have on the public health. The effects of new technology within healthcare is often difficult to measure, but this is an example which shows that it is possible, Johan Rosendahl, Innovation Leader at Innovation Skåne and HealthTech Nordic said.

The willingness to pay for a QALY-year is up to 500 000 SEK (46 700 EUR) for a moderate disease and up to 2 000 000 SEK (186 800 EUR) for uncommon, severe diseases according to The Dental and Pharmaceutical Benefits Agency (TLV). 

– This approach could provide important information to decision maker who are responsible for the development within healthcare. The data clarifies the effects and can hopefully contribute to better ways to measure effects of new solutions, Johan Rosendahl said and adds:

– We are aware that this method is based on one, of several, ways to measure. The long-term goal for us is to find a common way to evaluate the public benefit from innovations, and we want to encourage discussions about different ways to attack this issue, Johan Rosendahl said.

The QALY-analyse is done by NordIQ, a health economics and outcomes research consultancy.

– We are incredibly proud to have been nominated once again. The nomination is based on the results created in the project. We are convinced that the target of 1 000 new jobs within the project time will be reached. Hopefully, we will be as happy as we were 2019 in Helsinki winning the EEPA Award, at the finale in Prague in November, says Margareta Wallentén, project manager for HealthTech Nordic.

On a global market, the challenges are the same: access to good and equal care when lacking resources such as money, competence, and increasing care needs. The digitalization of healthcare and welfare provides more, better, health for the money by the individual, patients, relatives, and profession.

– The HealthTech Nordic community, of more than 330 member companies, is leading the way for this paradigm shift. The companies are changing the way we give and receive care with their unique solutions. The nomination from EEPA in the category Supporting internationalization of business proves to us that we are working in the right way, expanding businesses and creating new jobs Margareta Wallentén adds.

Awards projects which support startups and entrepreneurship

European Enterprise Promotion Award awards the best European projects which support startups and entrepreneurship. Projects from all over Europe compete in six categories. The European Commission’s European Enterprise Promotion Award has run continuously since 2006.

In July this year, The Swedish Agency for Economic and Regional Growth (Tillväxtverket) announced that HealthTech Nordic had won the national Swedish award which preceded the nomination for the European competition. The winner will be announced at the price ceremony in Praha, November 2022.