Female leadership in Medsensio, a digital health technology startup

Project Information

WTEU-M

Grant agreement ID: 101114412

DOI

10.3030/101114412

Project closed

EC signature date 26 May 2023

Start date 1 June 2023

End date 29 February 2024

Funded under

• European innovation ecosystems

Total cost

No data

EU contribution

€ 75 000,00

Coordinated by

MEDSENSIO AS
Norway

Periodic Reporting for period 1 - WTEU-M (Female leadership in Medsensio, a digital health technology startup)

Reporting period: 2023-06-01 to 2024-02-29

Summary of the context and overall objectives of the project

The pressing societal challenge of an aging population and the accompanying surge in chronic conditions necessitates a shift towards more proactive, patient-centered, asynchronous care models. At the same time, examples of on-demand service offerings enabled by technology developments in areas ranging from entertainment to banking, shopping, food deliveries and travel present novel opportunities for change also in the healthcare sector. Medsensio’s approach aims to streamline chronic disease detection, monitoring and management through innovative virtual care solutions and unique AI algorithms, thereby reducing healthcare burdens and improving patient outcomes. The motivation behind the project was clear: focusing to address this growing demand for more efficient healthcare solutions by leveraging advanced digital health technology and strategic collaborations.

Medsensio's initiative under the Women TechEU program sought to fortify company's strategic positioning for growth and innovation. The project focused on developing strategic market partnerships, refining company's business plan, enhancing internal processes, and leveraging coaching for leadership and team development. These efforts were directed towards creating a robust foundation for company's growth.

The project’s expected impact is significant, potentially transforming how care is delivered to chronic patients and setting new benchmarks for efficiency and effectiveness in healthcare.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Throughout the project, Medsensio engaged in a series of targeted activities:

- Strategic market positioning: successfully negotiated partnerships, expanded pilot projects and gained new customers, leveraging these collaborations to refine market strategies and enhance product offerings.
- Business model refinement: updated the business model and go-to-market plan to incorporate stakeholder feedback, focusing on scalability and adaptability to market demands.
- Team development: utilized the opportunities presented in the mentoring and coaching program to improve leadership skills and team dynamics, focusing on fostering an inclusive and innovative work environment.
- Network expansion: significantly broadened professional networks, enhancing Medsensio's visibility and collaborative potential within the healthcare tech sector.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Medsensio is on a mission to transform healthcare into a more personalized and accessible experience.

The company's project under the Women TechEU program has successfully laid a foundational framework to bring the company closer to realizing it. By establishing strategic market partnerships, refining business strategies, and expanding networks, the project has positioned the company to significantly enhance patient care quality and outcomes, contributing to the broader goals of sustainable healthcare.

The project results support realization of the following potential impacts:

- Improvement in chronic disease management through opportunities of remote/virtual care: Medsensio's approach aims to advance patient care by focusing on proactive and patient-centered heart and lung disease detection, monitoring and management, which is expected to reduce healthcare costs and improve patient outcomes.
- Contribution to UN SDGs: The innovation behind aligns with SDG3 (good health and well-being) by potentially enhancing patients' quality of life. It also supports SDG8 (decent work and economic growth) by fostering innovation and job creation in the health tech sector.
- Strengthened market position: Establishing partnerships as well as securing pilot studies and customers supports company's capacity to deliver impactful solutions.

Moving forward, addressing the following key needs identified will be essential:

- Access to funding: Expanding market access and securing financing are essential for scaling and achieving broader impact.
- IPR protection and internationalization: IPR protection will be vital in safeguarding company's innovations, while strategies for internationalization will help the company tap into global markets.
- Regulatory compliance: Achieving compliance per relevant regulatory standards will facilitate wider adoption and integration into healthcare systems.
- Commitment to gender diversity: Continuing to build on the project's commitment to gender diversity will not only contribute to building company's internal organizational culture but also to creating a more inclusive health tech industry.