Innokas Medical’s key figures for 2017 show that the constantly increasing competition in the field did not have a significant impact on Innokas; the company managed to increase its turnover. In addition to its growth targets, Innokas’ long-term goal is to reach an industry leader position in the field.
Innokas Medical, acting today as an independent subsidiary of Serres Group, has renewed its strategy during the last year. Innokas’ new strategy is based on the co-creation mindset, which highlights the value added by strategic partnerships.
“Our new strategy gives us even better opportunities to take over the challenges of the future as well as the changes in the surrounding market environment into account”, says Jouni Toijala, CEO at Innokas Medical.
By renewing the strategy, Innokas’ intent is to return back to the continuation of the growth path: the aim is to increase Innokas’ turnover to 40 million euros by 2020. The first steps towards this were taken already during the last year when Innokas succeeded in increasing its annual revenue.
“We succeeded to increase our turnover in 2017. Our annual revenue was 26M€ in 2017, which indicates about 19 % growth from the previous year”, Toijala tells.
In addition to increased turnover, Innokas succeeded to keep its EBIDTA at the profitable level.
Determined strategy work supports the growth
The company's growth target for the coming years can be seen as passionate. But Toijala strongly believes that by focusing on the implementation of the long-term co-creation strategy will create totally new kind of opportunities for Innokas to succeed in the market, which naturally supports the company’s growth.
“We believe that use of the co-creation model will spread in health technology too, because in co-creation, all parties have a competitive edge and are able to add more value compared to the previous business models. Innokas has already changed its processes to fit this new organizational culture; the former traditional contract manufacturer and designer in which way Innokas maybe was positioned earlier, seeks and offers now strategic partnerships. Our new vision is to be the preferred medtech long-term co-creation partner in 2020”, Toijala tells.
He sees that by focusing on the implementation of the new strategy and on the continuous development of Innokas operations will help the company to achieve its goals. In addition, the healthcare technology field itself creates a great motivator for Innokas employees to move towards the new targets and vision.
“To be able to achieve our growth targets and new vision by 2020, we will concentrate on implementation of our new strategy as well as in investing in developing our organization, processes and medical knowhow also in the future”, Toijala tells and continues:
“The healthcare technology is growing steadily, and it has a deeper purpose and effect on all the mankind: our mission is to improve people´s lives by crafting healthtech ideas to reality. Every day when we come to work, we can feel that we’re doing really important and meaningful work. This is something that motivates us towards our goals in 2020, every day.”