Glucomodicum – uniikista innovaatiosta kohti kansainvälistä massatuotantoa

Type 2 diabetes is increasing rapidly: there are more than 500 million diagnosed type 2 diabetics worldwide, and over one billion people are at risk of developing diabetes. For a diabetic, monitoring glucose levels is vital to keep blood sugar as close to normal as possible. That is why there is an enormous global need and market for convenient and affordable glucose monitoring.

The product developed by Glucomodicum, a growth company focused on medical technology, is based on a method discovered by a University of Helsinki research group that enables molecules to be transported through the skin without a needle. This globally patented method makes it possible to measure glucose from interstitial fluid.

Known under the brand name Sofio, the product is a needle‑free glucose monitor currently under development. It aims to allow diabetes patients to measure their glucose levels without breaking the skin. While the product has not been approved by authorities yet and is not commercially available, its development has progressed to a stage where the overall product is approaching the so‑called design freeze phase. This means that the device design is frozen and no changes are made to it without a controlled change‑management process.

Glucomodicum has grown into an international organisation of more than 60 staff. Glucomodicum CEO Jokke Mäki emphasises the international nature of the business: their team has representation by 20 nationalities that bring together broad and deep top‑tier medical technology expertise. As a result, the company has formed partnerships with world‑class players at an early stage, and has systematically sought the right talents to support growth.

At Glucomodicum, the level of ambition is high: their aim is to develop a medical technology product suitable for mass production and designed for global markets – and to build a world‑class brand around it. The product’s competitive position is continuously evaluated against both existing and emerging solutions. According to Mr Mäki, succeeding in the tightly regulated medical technology sector requires time and determination.

“Launching a mass‑produced, regulatory‑approved medical device on the market typically takes 10–15 years and can cost up to a billion. Glucomodicum has completed the development work considerably faster and at only a fraction of that financial investment.”

Choosing the right investors is one of the most important decisions for a growth company

Jokke Mäki stresses that for an international growth company like Glucomodicum, obtaining financing is not the only issue – beyond the availability of financing, the investor’s approach and the financing terms are crucial. The company aims to raise more capital to support growth, while ensuring that the entrepreneurs and original owners retain decision‑making power even after new financing rounds.

“You have to be careful when selecting investors, as some may try to control the company or push for a quick exit. This might not be in the company’s long‑term interest.”

In addition to LocalTapiola, Glucomodicum has received financing from sources including Business Finland and international investors. Domestic institutional investors like LocalTapiola, in particular, are seen as long‑term and responsible partners. Mr Mäki stresses that trust between investors and entrepreneurs is essential:

“Of course, an institutional investor like LocalTapiola seeks a return on its investment, but it also considers what benefits Finland. However, this does not mean that an institutional financier’s role toward the company would be somehow softer compared to international capital investors – its investment decision has been preceded by thorough due diligence, after which the cooperation has been developed based on trust and transparency. An institutional investor also works with a long‑term perspective and enables growth without directly intervening in the company’s operations.”

Next stage of the growth story: from individual products toward affordable mass production

As Elon Musk has put it, “Prototypes are easy, but production is hard.”For a medical‑technology growth company, one of the biggest hurdles is upscaling production from tens of thousands of units to tens of millions. Upscaling at this magnitude requires an automated production line and assurance that quality and performance will also remain consistent at high volumes.

Naturally, regulatory requirements also add their own challenges. The EU’s Medical Device Regulation (MDR) requires extensive documentation and regulatory approvals. According to Jokke Mäki, for the purpose of obtaining official approvals, Glucomodicum’s quality system contains as many as 2,000 documents related to quality and regulation.

“The next step is the so‑called pivotal clinical trial, which will involve devices and sensors manufactured on the basis of mass‑production principles. A successful clinical trial is a key part of the CE‑marking and marketing authorisation process. Building the right financing base is therefore essential to elevate the technology and production to the global level.”

Formula for success: a combination of growth hunger and controlled risk‑taking

Glucomodicum’s growth playbook may seem clear, but let’s zoom out: what should Finnish companies and growth entrepreneurs do to succeed? Mr Mäki encourages Finnish businesses to believe in what they are doing and to move things forward with determination.

“Finland is not a bad place to be an entrepreneur at all. We have plenty of expertise and high‑end technology in this country, but especially in productisation and commercialisation, we need a bit more purposefulness and a growth mindset. Instead of gloominess, we need a can‑do attitude and acknowledgement that entrepreneurial risk is part of the game.”

According to Mr Mäki, the right mindset is something that we should copy from Silicon Valley – the energy, positivity, risk-taking and a strong sense of action. From the perspective of an international capital investor, however, Finland will always be somewhat remote, and in addition to building the business, establishing a solid financing structure requires considerable effort.

Risk-taking is an essential part of operating a growth company, but it must be controlled. Internationalisation and aiming for global scale are important, and when the right attitude combines with determination, Finnish companies have strong potential to succeed internationally.

“Competition is genuinely tough and the level of ambition must be high from the beginning. Playing it safe is not a winning strategy, and there must be an appetite for risk – if you don’t take the risk, others will, and they’ll make the breakthrough right in front of you.”