Trade Mission to the UK and Finland
In November 2021, I had the honor to represent the MDRG and the state of Minnesota on the Governor’s Trade Mission to the UK and Finland. Our mission of 70 was comprised of four tracks: Medical Technology, Environmental Technology, Food and Agriculture, and Education.
MedTech Track
The Medical Technology delegation had the opportunity to represent the strong and vibrant Minnesota MedTech Cluster and Ecosystem and we found many opportunities to connect with strategic partners that can help US companies enter and expand sales in the UK and EU. European and UK MedTech companies are also interested expanding their presence in the US. These companies are faced with an increasingly difficult path to market in the EU with the introduction of the EU’s Medical Device Regulations (MDR). Even smaller and medium sized companies have become interested in pursuing FDA approvals in the US because it is a more proven pathway, and the US is still the largest market for Medical Devices.
The UK Market
The central feature of the UK health system is of course the National Health Service (NHS). US companies such as Medtronic have been successful in the UK for more than 40 years. Even the Mayo Clinic is developing a strong presence in London. We learned that innovative US medical technologies can find a place in the UK system, but it is important to understand that the NHS is actually five independent entities, and that there are organizations such as the National Institute for Health and Care Excellence (NICE) are important in gaining entrance to the market.
Growing UK MedTech Industry
The UK has world class life science R&D universities like Cambridge and Oxford and a growing industry for launching these technologies. UK companies have even a more urgent need to find new markets because not only do they have to navigate MDR to sell in the EU but with Brexit they do not have the native advantage of selling in a more unified market and are looking to the US to find strategic partners.
Strategic Relationship with Finland
Already in September the Finnish Minister of Economic Cooperation and Trade, Ville Skinnari came to Minnesota and met with Governor Walz to conclude a Memorandum of Understanding. Reaffirmed in November in Helsinki this MOU will provide a basis for developing mutual relations in the MedTech space. Finland through its international business development arm Business Finland is focused on connecting with Minnesota companies to both establish an entry point to the EU in Finland and to help Finnish companies enter the US market.
What do these foreign companies need to enter the US MedTech space?
The Minnesota Medical Technology Cluster has a strong ecosystem that can provide trusted partners to provide services: R&D, Preclinical and Clinical Contract Research, Industrial and Mechanical Engineering, Electrical and Software Engineering, Materials and Analytical Chemistry, Regulatory & Quality Consulting, Management System & Product Certification, Project Management, Packaging and Product Testing, Labeling, Literature & Packaging, FDA and CMS Reimbursement Strategy, Marketing & Branding, Language Services for the localization of products and services, and Global Business Development.
Collaborations with the UK and Business Finland
Both the UK and Finland have companies that seek to enter the US Market. The Minnesota MedTech Ecosystem offers an efficient and effective entry point for these companies. This ecosystem can help the companies navigate the US MedTech Space. This collaboration can also provide access to partners in Finland that can help US companies enter the EU. These efforts provide great opportunities to connect.