The Health Industry is like the Cook School: Always Process the Commodities Properly
Simonsen Vogt Wiig Press
Norway has biobanks and health registers that from a world perspective are practically unique. We frequently use metaphors like "silver heirlooms" and "the new oil". The test nevertheless consists in whether the Norwegian research environments are successful in commercializing their research, and the commodities require a correct processing.
The Lifandis Story
However, Lifandis never became viable, and after nine years, several private placements and the loss of tens of millions kroner in share capital, one resolved to liquidate the company. What went wrong?
Willingness to Invest
Argentum and others have already invested 150 million kroner in the fund, and the intention is that the final size of the fund shall be 900 million Norwegian kroner.
Norway has undoubtedly excellent research environments within life sciences. Examples are Oslo Cancer Cluster, Oslo Science Park with the Aleap incubator and Norway Health Tech and the research environments at NTNU in Trondheim, and Sintef. Hadean Ventures has faith in these and other environments in Norway and that in the future they will foster companies that will be of interest to the fund. The test nevertheless consists in whether the environments are successful in commercializing their research, and the commodities require proper processing all the way.
A Regulatory Minefield
In Norway, we have traditionally operated with strict divisions between different undertakings and skepticism against making health information available to actors outside of the health service, and delivery to research is no exception in this respect. However, the rules have softened up in recent years, e.g. by adopting new health register legislation in 2014. However there is still a strict practice regarding exploitation of health information for research purposes.
Proper Processing of the Commodities
Optimal exploitation of resources require compliance with the rules, but also avoidance of choosing a commercially less profitable solution after advice from the data protection representative, inspectorates or other instances that often tend to too conservative interpretation of the rules.
Market credibility must be an objective. The trend is that it is not sufficient to comply with laws and regulations; you must also be able to show that you do so. Serious customers and investors will always require documentation, and so it is important that you can demonstrate that products and services meet the legislative requirements.
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