Has developed a digital hospital for the home – aiming for export success
Published: April 5, 2023, 10:53 amImagine a digital platform that allows patients to be monitored in real time, talk to doctors and nurses, manage their health planning and even take some samples themselves – without having to leave home. After growing rapidly in Sweden, Cuviva is now investing in exports, and state-owned EKN is helping with the financing.Read more about how you can secure your export financing– Multi-illness and frail elderly make up only a few percent of the population, but take up 50 percent of healthcare resources. These patients need to stay in a safe environment at home or in a residence and at the same time need continuous care efforts and monitoring as in a hospital. This equation has been difficult to solve, but our solution does just that, explains Henrik Cederqvist, CEO of Cuviva. What he is referring to is a care platform that monitors the patient’s values in what is called near real time and thus makes it possible to deploy interventions before rapid deterioration occurs. The monitoring takes place via sensors, scales and other measuring instruments – and the patient manages everything via a tablet where he can also talk to doctors and healthcare staff. – The quality of care improves when we can be proactive instead of reactive. The patient also gets the opportunity to talk to healthcare staff at any time, which increases security. Reducing the risk of emergency situations also means that the municipality and region save valuable resources that can then be spent on other people in need. This is a digitization that benefits everyone.
Aims at Europe and strong export growth
The first customer in Sweden was the health center in Borgholm in 2018. Since then, things have gone quickly for Cuviva. Region Stockholm, the city of Mölndal, the municipality of Östersund and Capio are just some of the customers. Cuviva’s platform is also since the end of 2022, as one of the very few platforms in Europe, MDR class IIa certified. It thus meets the EU’s mandatory legislation for medical devices. The business model means that Cuviva takes responsibility for the entire solution including the hardware in the form of a tablet – and the measuring instruments are offered via a subscription to private and public healthcare providers. Now both the platform and the business model are being exported. – We start with Great Britain, the Netherlands and Germany, which are all countries that invest heavily in the digitalization of healthcare and are vital markets to operate in to build a digital platform for the European home. Our MDR certification also creates security for healthcare providers to work with Cuviva in their digital transformation. Within three years, we believe that the markets outside Sweden will form a very significant part of our turnover, says Henrik Cederqvist.
EKN covers 75 percent of the bank’s risk
Export investments require capital, not least for Cuviva, which needs to buy in large volumes of hardware in order to then be able to rent it out to the new European customers. That’s why Cuviva got in touch with the government’s EKN, the Export Credit Board, which exists to help export companies and their subcontractors do more and better business. – We knew EKN from before and knew they could be involved and share the bank’s risk when Swedish export companies need to borrow money. We looked into it and realized that they can even help start-up growth companies like us – and can cover up to 75 percent of the bank’s risk. When the bank can reduce its risk, the likelihood that they can grant the loan increases, and that’s exactly what happened also for Cuviva. – The collaboration with EKN was crucial for us to be able to get the credit and to be able to take this step into Europe as quickly as we can now. Now we aim to become one of the major players in the “hospital at home” market in Europe and to be able to improve care for even more people, says Henrik Cederqvist.This is how EKN can support your investment that is directly or indirectly linked to export
EKN, the Export Credit Board, has the government’s mandate to promote Swedish exports and the internationalization of Swedish companies. This is done by insuring payments and sharing risks with the exporting company, its subcontractors and banks. The operation is financed with the premiums of the policyholders. The article is produced by Brand Studio in collaboration with EKN and not an article by Dagens industri