Smart support mechanisms help small but growing Swedish med-tech companies sell abroad and gain a foothold in new, profitable markets.
- 09 September 2016
The goal is to develop a programme so attractive that the companies themselves pay the cost. It promises to be a very cost-effective method for improving smart and sustainable growth in the Swedish med-tech industry.
Small beginnings can lead to great things. For medical technology (med-tech) SMEs, successful steps into foreign markets can give their niche products access to enough customers for commercial success.
The Sahlgrenska Science Park in West Sweden has developed a programme – called Bridge – which supports local med-tech companies’ international growth strategies. Funded by almost EUR 400 000 from the European Regional Development Fund, the programme aims to strengthen Sweden’s healthcare SME sector and expand medical innovation.
West Sweden already excels in both research and innovation in life sciences. Exports from the sector are already an important part of the Swedish economy. Bridge provides an added boost to SMEs with international potential, helping them identify and work closely with new customers, find partners, navigate foreign regulations, and ultimately to grow more quickly into new markets.
Promising pilot
The programme has trialled support for 27 med-tech business ideas and start-ups, chosen by an expert panel. It focused on the United Kingdom as its target market – a large enough country for small companies to achieve profitable sales and one which invests strongly in life sciences. From the UK perspective, the initiative gives access to innovations that can enhance healthcare or cut costs in the UK’s National Health Service (NHS). There are practical advantages on both sides, too – many Swedes speak English, while a short sea crossing and similar cultures connect the two countries.
In close cooperation with Business Sweden, UK Trade & Investment and the NHS, Sahlgrenska Science Park’s programme defined entry points into Britain for the Swedish companies, along with a detailed roadmap into the British healthcare market. It also provided introductions to British contacts from a network of research organisations, hospitals, venture capital providers and incubators in the UK.
Business boost
Sahlgrenska Science Park is now an established gateway to Swedish innovation for the NHS. It has also contributed to high-level discussions on how the British healthcare sector can improve its innovation support.
The benefits are set to spread to more SMEs. The Science Park continues to back start-ups’ internationalisation, while Bridge has increased available funds for SMEs from the ERDF, and Swedish regional and national agencies. A national ERDF-funded follow-up programme – Bridge UK – is now available, helping med-tech SMEs across Sweden expand abroad.
Total investment and EU funding
Total investment for the project “BRIDGE” is EUR 996 079, with the EU’s European Regional Development Fund contributing EUR 398 315 through the “West Sweden” Operational Programme for the 2007-2013 programming period. The investment falls under the priorities “Entrepreneurship and innovative business” and “Sustainable urban development”.