The Business Finland team in Brazil has been working hard to pave the way for Finnish health and wellbeing companies to enter the market. The systematic work is now paying off: Finland is seen as one of the leading countries in terms of its offering and ability to meet the needs of the Brazilian hospital market. Brazil is one of the most attractive and promising healthcare markets globally, ranking eighth in the world, according to the World Bank. Brazil has the third largest private health sector globally, and second largest private health insurance market. There is increasing demand in the country for new technologies and innovative business practices that can boost the quality, safety and efficiency of healthcare. About 80% of the technology needed will come from other countries.
In order to find suitable technology, Brazil became the target country for the International Finance Corporation’s TechEmerge matchmaking program in 2018. Finnish companies were invited to join the program and they ranked well in the event: Brazilian health sector actors confirmed that about 20 companies were a good fit for the market.
Systematic work supporting the market entry of the companies started after this initial success. Business Finland’s add title Kari Ruutu visited major Brazilian hospitals to present the full Finnish offering, to understand the market needs and to identify potential business matches for Finnish companies. The next step was to establish the connections: the Business Finland team held Skype calls with Finnish companies to identify potential partners. After building understanding on both sides, the team has facilitated Skype meetings and visits between the leading Brazilian hospitals/medical diagnostic companies and Finnish companies, both in Brazil and in Finland.
Since the whole process started from scratch in Spring 2018, Finland has gained a good reputation with its strong business offering, and is considered a high potential country for the Brazilian market. Over 20 Finnish companies, such as Buddy Healthcare, Combinostics and Megical, have been introduced to potential Brazilian partners (e.g. hospital complexes, medical diagnostic companies, etc.). Nine Finnish companies have started the pilot projects required for market entry.
Trade Commissioner Matti Landin and Advisor Joao Bordon from Business Finland’s Brazil office see a bright future for the market. “The Finnish offering fits Brazil’s current needs very well. We are considered a TOP 3 health tech country along with US and Israel in terms of the potential companies that fit the market. Other countries still lag far behind,” Landin explains.
Business Finland has also started close cooperation with Techtools ventures, a leading investment firm that has both funds and expertise in the local business.
“The partnership with Techtools is opening up new opportunities that we are currently exploring. There is definitely room for more Finnish companies to join the network and we invite everyone interested in the Brazilian market to get in contact with us,” says Bordon.
On 19 September 2019, Business Finland will hold an event in Helsinki for Finnish health tech companies focusing on Brazil, offering market insights as well as funding opportunities. Make sure to reserve your seat!
P.S. Want to stay updated on global trends and business opportunities? Business Finland’s Market Opportunities service opens a window to the global markets. Our network of Team Finland experts around the world report their findings on the portal. Feel free to follow up on their leads!