The main objective for this project is to set up a tailor-made market entry program / invest in program to the Nordics, supporting 15-25 UK companies.
Conceptualized and partly funded by Nordic Innovation, Nordic Proof and Yorkshire & Humber AHSN has hashed out the details and joined forces to launch a tailored market entry and investment program, championing 15-25 UK health tech companies seeking Nordic expansion.
– Rasmus Malborg, Senior Innovation Adviser
Background
Nordic Proof is a professional consortium of Healthtech test facilities supporting companies with development, testing and verification/trial studies. Nordic Proof is present in all the Nordic Countries and is formally represented by Sunnaas Hospital in this project.
Health Innovation Yorkshire & Humber is one of 15 organizations set up by NHS England to operate as the key innovation arm of the NHS. NHS England leads the National Health Service in England. Across the country, they act as a bridge between health care providers, commissioners, academia, and industry. By connecting these sectors, they help to build a pipeline of solutions for the NHS from research and product development through to implementation and commercialization.
Nordic Innovation is funding a Nordic project aimed at Nordic companies benefiting from the Propel program.
Activities
With this project proposal Nordic Proof and Yorkshire and Humber Academic Health Science Network (YHAHSN) will invite, select, and support UK health tech companies with services provided by Nordic Proof. The program will run twice a year starting Q4 2023 and ending Q4 2024 following four steps:
Step 1: open promotion of the program informing about the service and recruiting companies interested – inviting companies to apply for the program. This activity will be executed Q1 2024 and Q3 2024.
Step 2: Application and selection of companies including interviews and writing of contracts describing the services provided by one or several of the Nordic Proof partners. This activity will be executed Q12024, and Q3 2024.
Step 3: Providing services for each company taking part in the program. This activity will be executed according to an agreed contract between the company and each Nordic Proof partner.
Step 4: Evaluate closed contracts with each company to document results and improve the program.
This activity will be executed after the end of the contract for each company.
Project results
The project hopes to have 100 companies participating in the initial information campaign and a minimum of 25 companies screened for the program. As a result, we aim for 5-10 companies to sign commercial contracts selling their solutions in one or more Nordic countries.
The project also aims to increase knowledge about market opportunities in the Nordics for UK companies and increase knowledge about Nordic Proof in the UK.
