Health Tech Startups thrive in Finland

For health tech startups, Finland truly is the best place to be. The country offers a unique environment for health tech companies to thrive, backed by exceptional startup support and a vibrant innovation scene.

"Finland is a global leader in health tech, pioneering breakthroughs in digital health, AI, genomics, and preventative care. The industry has been booming in Finland for the last 20 years but has recently plateaued. This is a concern, and we are determined to ensure that this golden opportunity continues to thrive, says Tarja Enala, Head of Business Finland’s Health 360 Finland program."

The program’s aim is to support Finnish companies in developing and commercializing solutions that are competitive on the international stage. Launched in 2024, the program supports research and product development projects in digital health, with a total of €85 million in funding planned by the end of 2028.

The program’s target companies include digital therapeutics, health tech, medical devices, software solutions and IT information systems including AI, health data companies such as analytics, focusing on key markets in the US, Japan, and Europe.

Finland offers unique conditions

Finland’s strengths in health tech are rooted in a highly educated workforce and cutting-edge research. The country also has a unique advantage: world-class digital health data.

"All of our health data is fully digitized, and we have been collecting it for over a century. Our biobank system and the Fingenious ecosystem are also major strengths."

Finland’s unique Secondary Use of Health Data Act enables anonymized health data to be used for research and product development. Five university hospitals across the country provide testbed environments for real-world pilot projects.

"Finns trust researchers and institutions and are willing to share their data - a rare trait. We call it a culture of trust,  Enala says."

Public funding and global investment in health tech

The Finnish government actively supports the growth of health tech industry. Business Finland alone has invested over a billion euros in startups over the past 10 years.

"Public sector funding is especially important in health industry; where research is crucial and can take years or even decades (pharmaceutical development). It’s non-dilutive, and companies supported by Business Finland often find it easier to attract private investment afterwards, Enala adds."

Finland’s stable business environment has attracted investments from several international pharma and MedTech companies, alongside strong local players. Bayer has made Finland a global hub for contraceptive innovation, with major R&D and manufacturing in Espoo and Turku. Finnish company Orion is expanding the pharma innovation ecosystem through Business Finland’s Veturi program, a challenge competition for leading companies.

Notable companies include gene therapy pioneer FinVector, as well as cutting-edge digital health innovators in diagnostics, imaging, remote patient monitoring, and preventive care—such as Oura, Oiva Health, Evondos, Sooma, Aiforia, and many more.

There is still room for more.

"Plenty of opportunities exist and we are eager to see more startups, especially in digital health. Finland is ready for you."

Global founders choose Finland – Ashwin Sivakumar’s story

Health tech founder Ashwin Sivakumar has seized the opportunity. Finland is familiar to Sivakumar, who worked here in research before returning to India to launch his business and leadership career. He returned to Finland in 2023 with a startup idea and young family.

Sivakumar has nearly 20 years of experience in startup ventures. He thinks the ecosystem in Finland is exceptional and support for ideas goes beyond surface-level.

"Finland stood out on both fronts: professionally, as a strong market for health and med tech innovation, and personally, thanks to its renowned early education and quality of life."

The decision was reinforced by support from Helsinki Partners’ Founders to Finland programme and Business Turku’s startup call program, which made the relocation and early startup stages smooth and structured.

"Business Finland has been critical. They gave me the knowledge, the information, and the ecosystem understanding I needed. The India team was actively in touch and extremely helpful."

He also participated in the NEXUS incubator at the University of Helsinki, and a critical partnership formed there.

"I met Henry, who shared the same passion for health tech and had deep ecosystem experience. We realized our visions aligned and decided to join forces."

Today, their company FuoHealth is developing learning solutions and a content platform that brings together health tech experts, professionals, and companies. Sivakumar’s wife is pursuing her PhD in Cancer research at the University of Helsinki.

Exceptional country for startups

These connections – both personal and professional – make Finland such an exceptional country for startups, Sivakumar thinks.

"What surprised me about Finland is the flat hierarchy. You can reach out to anyone, and you’ll get at least an email response. It’s comforting to know there’s help around."

"What I love is that Finland doesn’t judge success or failure. There’s room to try, to build, and to learn, Sivakumar says."

Startups are always hard, and that’s why success requires Finnish sisu: grit, perseverance, and rigour.

"My tip to other international founders is to have patience and to focus on what matters. There are no shortcuts. But Finland has what it takes to make it work."

Do you have Finnish sisu, and a dream for a healthier world? Start your journey to Finland here.