Founded in 2007, NewIcon is a health technology firm that develops and manufactures medical service automation products. Today there are over 4.000 hospitals in Europe alone that administer 10 billion tablets and 200 million intravenous medical doses a year. Taking care of all that manually is not only slow, but also expensive and prone to error.
"Dangerous situations may occur if someone receives the wrong medication. Our technology platform creates a fully automated medical service network for hospitals, eliminating human errors," says Marketing Manager Jori-Matti Savolainen.
The company has already delivered automation systems to almost 60 pharmacies and hospitals. Päijät-Häme Central Hospital, for example, in Lahti, Finland, will receive a robot that makes inventory management more efficient. Nurses can order medicine using their own computer also during weekends, with the robot collecting them.
Global customer base
"We have retail contracts in Russia, Norway, Poland, Israel and the United Arab Emirates. We are also planning of setting up subsidiaries in Denmark, Britain and Germany before the end of the year. We already have sales in Russia and Israel, and preliminary investigations have been made in China and the US."
The company operates mainly from Kuopio, Finland, and in fact all production takes place there. A product development planning unit was established last winter in Jyväskylä.
Steep growth curve
NewIcon has grown rapidly considering that it both develops and manufactures its products. Net sales have increased every year: from 2.8 million euros in 2013 to 4 million last year, and the figure for this year is much higher yet. The number of staff has increased steadily from 18 in 2013 to 43 this year.
NewIcon is also supported by business angels. The latest capital investment was received in the autumn of 2014 as Industry Investment and Etera put in EUR 2.3 million.
Digital is the order of the day – and tomorrow
"Digitalisation and automation in medical logistics processes has already started. There is demand in the market for a player that can offer a complete and efficient ecosystem and chains in which the equipment, applications are systems interact and communicate fluently with each other. It is not merely a case of offering separate products. Thanks to our technology and know-how, we can fulfil our vision about the internet of things in medical logistics," says Mr Savolainen.
With Tekes funding, NewIcon has developed products particularly suited to the hospital environment, such as smart medicine cabinets, an inventory management product family for hospital pharmacies, and an antibiotic dilution robot. With Young innovative companies funding from Tekes, NewIcon was able to reach foreign markets and improve business both in Finland and abroad. Finnvera has provided NewIcon with working capital, and Finnvera's financing has been an important support with deliveries to big hospitals.
For further information, please contact
Tel. +358 50 339 8730
jori-matti.savolainen (at) newicon.fi