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 paediatric 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”, emphasises 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 more information on the company, visit www.injeq.com
