News 16.06.2023

Finnish companies are seizing the opportunities in Lithuanian RRF healthcare investment projects

New investments aimed at strengthening healthcare infrastructure to provide comprehensive, sustainable, and integrated health services driven by the plans of the EU RRF (Recovery and Resilience Facility) in Lithuania, have garnered recognition from Finnish companies.

Recently, a highly successful event focusing on concrete healthcare investment projects took place in Lithuania. This activity was not only inspiring but also had a tremendous impact on all participants. It facilitated excellent business collaboration for Finnish companies, enabling them to establish direct contacts with Lithuanian hospitals, clinics, and other healthcare entities.

Lithuanian market insights through the healthcare component RRF

Lithuania's key healthcare priorities under the RRF primarily focus on enhancing outpatient services, adapting healthcare infrastructure to emergencies, and improving efficiency through digitalization.

Lithuania's plans encompass the modernization of emergency departments and resuscitation units in seven hospitals. The reforms also include the modernization of five centers of expertise within the cluster of infectious diseases, with the aim of ensuring efficient, high-quality, and safe diagnosis and treatment of dangerous infections. The indicative timeline for completion is set for December 31, 2024, and a financing of €268 million has been allocated to improve the resilience, quality, and affordability of the healthcare system.

The selected Lithuanian hospitals will receive funding primarily designated for construction work and equipment related to the infectious disease cluster center of excellence. Additionally, there will be investments in construction work and equipment for reception and emergency departments, a center of advanced therapy, and RITS (Radiology, Imaging, and Telemedicine Solutions). Furthermore, there are plans for investment in new genome research equipment.

In Autumn 2022, Business Finland prepared a comprehensive report that describes healthcare investment opportunities linked to the Recovery and Resilience Facility in Latvia, Lithuania, and Estonia. This report was presented during a webinar. The subsequent step involved a focus on business collaboration and the establishment of direct contacts with healthcare providers and potential partners.

RRF plans impacting companies´ global expansion: networking is a clue

Networking is a clue. Photo: Eveliina Lehtonen

Following Business Finland's previous healthcare-related activities, Business Finland, in collaboration with the Embassy of Finland in Lithuania, organized a healthcare networking event in March. The event focused on RRF healthcare investment projects and shared Finnish experiences, with the aim of strengthening Lithuanian-Finnish cooperation in planned developments within the healthcare sector.

The networking event and the presentation of Finnish offerings for sustainable and innovative solutions for future hospitals were highly appreciated by the Lithuanian guests. Numerous hospitals, which had plans for reconstructions and upgrades to provide more resilient and sustainable facilities for future healthcare needs, gathered at the event alongside Finnish export-oriented entrepreneurs who recognized the opportunities in Lithuania and brought their expertise.

Finnish companies specializing in hospital building design and energy efficiency solutions (AINS, Granlund, NHG, Helvar, Lifa Air), solutions optimized for medical staff (Medanets), and data-driven healthcare solutions (Tietoevry) shared their international experiences, generating interest among the Lithuanian audience. This interest led to further technical discussions during the second part of the event.

Mr Jukka Vasara, Vice president of Granlund commented: “From our point of view, very potential parties were invited to the event. We were able to meet several potential hospital clients in a short time. As the result, we have been able to make design offers for a few hospital projects, for which we expect decisions in the near future. Additionally, we have also been able to arrange follow-up appointments in two hospitals and agreed on a small consulting project, which will hopefully be continued. Our goal is to plan one or more new hospitals in Lithuania. Cooperation with local partners is also important in design work. We have already found very good local partners. We are very satisfied with Business Finland's services in connection with the Integrated Hospital Design Alliance's export marketing development work. Business Finland and local embassies have played a key role in finding and creating contacts with local hospital operators.”

Direct contacts through B2B meetings

The activity created excellent opportunities for business collaboration for Finnish companies, with the most valuable impact being direct access through B2B meetings. Eight hospitals and clinics showed enthusiasm in discussing innovative technology and remarkable experiences with Finnish companies. Individual sessions were scheduled, highlighting the potential for subsequent partnerships to be formed.

Mr. Juha-Matti Ranta, CEO of Medanets, stated: "The networking event in Vilnius provided us with a solid overview of the market and its potential size for Medanets' business in Lithuania. I also had the opportunity to have conversations with interesting prospects. This type of event is definitely a good starting point for Finnish companies. The next step will require engaging with potential customers and partners."

B2B meetings. Photo: Agnieszka Wrobel

During the event, a group of Finnish hospital design experts from the Integrated Hospital Design Alliance (IHDA) presented their expertise. The implementation of a hospital project is always a complex process, dependent on various factors such as local building regulations and decision-making procedures. The design phase involves several months of analysis, planning, conceptual design, project approval, detailed design, and ultimately, construction. Each hospital project is unique and requires adapting the schedule to meet local requirements and circumstances.

"The opportunity was definitely useful for us. We are continuing discussions with some organizations that had a good and promising start at the event. We are also planning to come for follow-up meetings soon", Mr. Henry Pesonen, Head of Hospital planning at Nordic Healthcare Group commented.

Business Finland for sustainable health tech solutions

Business Finland supports Finnish healthcare companies that are interested in global expansion and offers within the Sustainable Growth Program for Finland activities for the health sector helping companies expand to European markets and beyond.

“Hospitals in the CEE region have incorporated investments into their plans for reconstruction, with the aim of creating more resilient and sustainable facilities to meet future healthcare needs. The primary objective of the meticulously designed project was, firstly, to identify and substantiate business prospects for Finnish sustainable healthcare solutions, forging direct connections with prospective clients and partners. Subsequently, we facilitated bespoke dialogues and arranged meetings, providing Finnish companies with a platform to showcase their profound expertise in the realm of sustainable hospitals. The outcomes of the event had a significant impact on Finnish companies due to the long-term cooperation, trust, and shared understanding of the business goals of Finnish technology by Business Finland” explains Agnieszka Wrobel, Senior Advisor Health and Wellbeing, CEE Region.

Further information

Agnieszka Wrobel
agnieszka.wrobel (at) businessfinland.fi
Tel.. +48 508 982 805