HELSINKI, FINLAND: After the big rush from the US and Europe, it’s the turn of Finnish industry to set sights on India to widen its global reach. Driven by innovative products and technologies, a clutch of small- and medium-sized Finnish companies have drawn up plans to step up their India exposure. The idea is to cash in on their advancements in R&D to increase revenues and profits using India as the key base.
From start-ups in the entertainment industry like FogScreen to pharmaceutical companies, it seems everyone wants to be a part of the India growth story. The Finland-based pharma company Orion group, which has annual sales of more than 640 million euros, is a case in point. The company makes and markets drugs for humans and animals.
It also manufactures active pharmaceutical ingredients and diagnostic products. Ossi Hiltunen, assistant vice-president (new market development), diagnostics business, said the company will soon enter India with a range of point-of-care products like QuikRead CRP, a bed-side diagnostic equipment for measuring C-reactive protein from finger-prick blood samples.
He said this tool will help doctors to quickly differentiate between bacterial and viral infections. Orion has also developed a quantitative protein analyser for small- and medium-sized pathology laboratories. Company officials said Orion was in talks with some Indian vendors for distributing their products in the country.
The Helsinki-based Planmeca, a manufacturer of dental imaging products, is also planning a big push in Indian markets. Planmeca sells a whole range of products for dental clinics, ranging from high-end x-ray units to furniture to imaging software across Europe and the US. Joko Nykanen, director, export sales, said its latest offering ProMax 3D, which consists of several diagnostic tools with limited radiation dose, is ready for the India launch. He said Planmeca was in talks with several Indian medical institutions, adding that India is one of their fastest growing markets. The company has annual sales of over 500 million euros and commands a 25-30% share in the global market for dental imaging products.
Vivoxid, a research-driven company, is readying to offer its products in India. It has recently developed BonAlive, a bioactive glass material for bone defects and bone reconstruction.
Fredrik Ollila, R&D head of Vivoxid, said its other proprietary product, MetAlive has entered the human clinical trial stage. MetAlive allows attachment of soft tissue to a medical implant and eliminates the need for a second surgery after the bone bonding. StickTech, a dental care start-up that focuses on fibre-reinforced composites for dental care, also said it was looking at opportunities here.
Penna Urrila, a senior economist at the Confederation of Finnish Industries, said that although mobile phone major Nokia remains the strongest trade link between the two countries, several others are waiting to enter India. He said the government and the industry are working together to help Finnish companies explore the fast-growing Indian market.
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