COVID19 – or corona virus, as it is commonly referred to – has spread around the world and become a globally significant health threat. In addition, it is causing serious damage to the Finnish and international economy. Just as it has impacted the global situation, the corona virus has also affected Innomentarium’s operations.
Innomentarium Oy has developed a new kind of direct digital solution, FeniX, for mammography imaging used in breast cancer research. The solution makes it possible to digitise an existing analogue mammography machine, extending the life cycle of the old equipment for years to come. The innovation was launched in 2019 and has been well received in Finland; Fenix systems are currently available for clinical use in different parts of Finland.
For exporting, our special focus is on finding partners. We are focused on the countries of southern and eastern Europe. The overall market potential of our solution is very big; A total of 159 mammography machines are used in Finland, of which 69 are analogue. In Europe, there are 32,500 devices, of which the share of analogue equipment varies from country to country – however, we are talking about thousands of devices in Europe alone.
The corona virus has also affected Innomentarium’s activities and hit us at a very challenging time in terms of business operations. We have made significant investments in R & D, and have recently invested heavily in exporting. And, as we all know, almost all of Europe is shut down at the moment – at the same time, Finland is also focused on preventing and mitigating the virus. For small enterprises such as Innomentarium, whose cash flow is based on the sale of new solutions, the situation is very difficult and requires various adjustments in light of the prevailing circumstances. However, we at Innomentarium have carried out these adjustments while keeping values in the forefront; we will not abandon or leave our customers stranded, we will not compromise on quality, and we will take good care of our staff.
In the current situation, I call upon all health service providers – both private and public organisations: Invest in Finnish healthcare and medical technology! If you have investment needs for the next few years, make these investments now by purchasing Finnish products. This will enable us to ensure the vitality and continuity of Finnish health technology companies beyond these difficult times. I ask suppliers and financiers for patience in this situation, which may last a long time in the worst-case scenario.
But the most important thing is your health and the health of your loved ones. I believe that following the guidelines issued nationwide and using common sense in our daily activities will help to prevent the spread of the virus and keep us healthy.
As with other national and international crisis, we will certainly get through this as long as we simply do not give up.