Smart needle company Injeq enters Nordic market
The Finnish smart needle company Injeq Oy has signed a distributor contract with the Swedish company Nords Medical. The agreement gives Injeq access to Finland, Sweden, Norway and Denmark, which covers almost 10 percent of the total EU market.
The aim of the IQ-Tip® smart needle is to improve patient safety in lumbar punctures, where spinal fluid is sampled, or when drugs are administered into the spinal cavity. The smart needle tells you in real time when the tip of the needle reaches the cerebrospinal fluid, increasing the likelihood of a successful puncture.
Nordic market is very important for Injeq and the agreement with Nords Medical is a step in line with the strategy. Nords Medical has streamlined logistics covering the whole of the Nordic region. Nords Medical's product portfolio consists of neuromonitoring, microdialysis, spinal surgery and pain management equipment.
Injeq's distributor strategy is to partner with innovative medium-sized or smaller companies that know their customers personally. A company entering the market as a partner of a large distributor may not get sufficient input for its products but is one representation among others.
“We first considered about having a distributor for each Scandinavian country separately until Nords Medical contacted us. Nords Medical is appropriately sized, active and operates in all Nordic countries except in Island. The company is well managed and has grown rapidly in recent years”, says Seppo Lautamäki, Injeq's Sales Director.
Nords Medical works with the largest hospitals in the Nordic countries, such as university hospitals, where pediatric leukemias are also most commonly treated and where a significant portion of neonatology operates. “Our clients include the university hospitals in Helsinki, Turku, Tampere, Kuopio and Oulu. Injeq and Nords Medical aim to provide a solution that benefits both patients and physicians and improves healthcare”, emphasizes Olof Nord, CEO of Nords Medical.
In December, the IQ-Tip® smart needle received CE certification from the EU's notified body, TÜV SÜD Product Service GmbH. This enables the devices to be sold in EU countries. The global market for special needles is projected to grow from approximately $ 9.5 billion (2020) to $ 16.9 billion by 2027. The estimated annual growth is 8.5 percent.
For further information, please contact:
Seppo Lautamäki, VP Sales
tel. +358 40 5560 166
Olof Nord, CEO
tel. +46 7663 16550
Injeq in brief
Injeq Oy is a Finnish growth company in innovative medical technology, whose mission is to produce technically intelligent solutions for medically demanding patient injections. Developed at the request of physicians, the IQ-Tip® smart needle facilitates physicians' work to improve patient safety and treatment effectiveness.
The IQ-Tip® smart needle is a modern way to perform demanding patient injections safely. The first stage is lumbar puncture, a clinical procedure in which the spinal fluid is sampled or a drug is administered into the spinal cavity. The clinical performance and safety of the product at lumbar punctures have been evaluated in three clinical trials in Finnish university hospitals. The smart needle is suitable for lumbar puncture from newborns to the elderly, one of the main uses being for the treatment of leukemia children.
Founded in 2010, Injeq operates in Tampere and currently employs 16 people. Injeq is supported by an experienced team of medical experts and extensive scientific research. IQ-Tip® is a registered trademark of Injeq.