Swedish health tech innovator Coala Life AB selected Innokas Medical to manufacture Coala Heart Monitor, which has global market potential.
As part of its Scandinavian growth strategy, Innokas Medical has in recent years invested in company’s sales efforts on reaching new customers outside of Finland. The strategy has again shown to bear fruit, as Innokas has succeeded in acquiring new customers not only from Finland, but also from Sweden, Denmark and Norway.
“Our key figures for 2017 showed that the constantly increasing competition in the field did not have a significant impact on Innokas, as we managed to increase our turnover faster than overall industry growth rate. We reached 18 % topline growth, which came mainly from outside of Finland. This is significant for Innokas, especially from the perspective of internationalization and Innokas growth”, Innokas Medical’s Executive Vice President Tommi Kaasalainen explains.
The partnership with Swedish company Coala Life AB now strengthens Innokas Medical’s position in the Nordics even further. Their new innovation, Coala Heart Monitor, offers exciting possibilities for the future.
“We’re disrupting the field of cardiac diagnostics. We’ve recently launched a multi-prize winning portfolio of cardiac monitoring solutions based on the Coala Heart Monitor. It is a unique, intelligent cloud-based device to check your heart condition in real time”, tells Philip Siberg, Co-Founder and CEO at Coala Life.
“Our solution is available in two versions; Coala Heart Monitor is sold directly to consumers for home care, and Coala Pro is offered to caregivers to enable smarter cardiac assessments at hospitals and clinics. Our solutions use smart algorithms to help predict and prevent heart diseases. There is no electrodes, patches or separate pieces as it's all integrated”, he continues.
Coala Life first made contact with Innokas Medical in 2017 as the company was looking for a manufacturing partner from the Nordics. One very important requirement for new partner was FDA registered facility, as their goal is to enter the US market with the device.
“Our solutions are all CE-approved for home and professional use as Class IIa medical devices, and 510(k) is in process”, Siberg explains.
As part of their international scale-up, Coala Life chose Innokas Medical to be their manufacturing partner. Companies signed an agreement in the spring of 2018, covering the manufacturing of Coala Life’s Heart Monitor at Innokas Tallinn factory.
“We partnered with Innokas Medical to secure production capacity and co-creation. Bringing advanced medical devices to market is a complex process, and Coala Life chose to partner with Innokas as they have the long-term experience, the required ISO certifications and FDA registrations, as well as the capacity to scale-up”, Siberg tells and continues:
”We are very impressed by the streamlined processes as well as the cost efficiency and competences of Innokas. It’s important for us to keep the production in Europe, and to secure the quality, the continued engineering improvements, as well as fast and reliable deliveries to end-customers."
The device is now at the design transfer and pilot production phase, and the mass production will start on the second half of the year. Kaasalainen tells that he is very excited about the agreement made with Coala Life.
”We were really impressed by Coala’s product and their team from the very beginning. And we’re not the only ones as they have received multiple awards for their Heart Monitor. Coala Life’s innovation is a great example of the current trend in the field, where home care is becoming more and more common. I’m very happy with that Coala Life chose Innokas to make their vision reality”, Kaasalainen concludes.